SpinVox Raises Additional Funding Despite Credit Litigation
SpinVox is a service that converts voice mail into text messages through their Voice Message Conversion System around 2005. The company is based in Buckinghamshire, Great Britain. The company raised over $200 million from GLG Partners, Goldman Sachs, Toscafund Asset Management, and Blue Mountain Capital Management over the last couple years.
However the company is now facing litigation from creditors over hundreds of thousands of pounds. One of SpinVox’s technology partners almost decided to cut them off over an unpaid £100,000 bill. SpinVox also owes money to several other suppliers who are threatening to sue the company.
SpinVox was founded by Christina Domecq and Daniel Doulton. One of SpinVox’s suppliers filed three county court claims against the company because they were owed £200,000.
“Existing investors from the last round of funding have made available more funds to allow the company to continue its growth,” stated a SpinVox spokesperson in an interview with paidContent. It is highly likely that the cash will be used up quickly to take care of existing debt.
[via ThisIsMoney]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry