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Mogid gets new CEO and new investors

Gian-Franco Salvato has joined Mogid's board Keystone Archive

Mobile network software start-up, Mogid, a spin-off of the Biel-based Creaholic engineering firm, reports that it has a new minority investor, Gian-Franco Salvato.

Salvato is the founder of Aseantic, a thriving web consulting company, also based in Biel, which has grown from three to 55 employees. He has also been named a member of Mogid’s board. The amount of money invested was not disclosed.

Mogid’s new CEO is Alexander Sollberger, the former managing director of Kümmerly & Frey.

Early investors not back for this round

Mogid’s early investors were Kümmerly and Frey, and Bern Venture, along with Creaholic. Kümmerly & Frey, a Swiss family business in the map-making industry that struggled to make it in the digital age, went into receivership last year and only part of the company was rescued via a management buyout. It was not able to come back to invest in this round.

Creaholic and Mogid management took over the shares from the map-making company. The shareholding split is now 75 percent owned by Creaholic and Mogid management, with 25 percent being held by “other investors”.

The companies disclosed that a further capital-raising round is expected to close “shortly”.

Paying train fare via the air

“Software developed by Mogid will be used by transportation, travel, and financial services companies to improve customer loyalty,” said Mogid.

It claims to have patented a self-service application for public transport users where they can pay for tickets using the mobile phone.

The Biel-based software firm expects to grow from 7 to 25 employees by end of 2003 and it expects to be able to cover its costs by the of this year with sales revenue.

by Valerie Thompson

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR