Strengthens company's position as leader of ad-funded open source push
email and PIM synchronization solutions for the mass market
REDWOOD CITY, Calif., June 17 /PRNewswire/ -- Funambol Inc., the
leading provider of Mobile 2.0 messaging software powered by open source,
today announced that it has secured $12.5 million in Series B funding, led
by mobile-focused venture capital firm Nexit Ventures. Castile Ventures
participated as a new investor and was joined by existing investors, Walden
International and HIG Ventures.
The new financing brings Funambol's total funding to $25 million. The
company will use the proceeds for continued growth in the push email
market, to advance product R&D and to accelerate global expansion,
particularly in Europe and Asia. Nexit partner, Michel Wendell, joins
Funambol's board of directors and Castile general partner, Carl
Stjernfeldt, joins the board as an observer.
"This substantial investment validates our technology, business model
and market direction," said Fabrizio Capobianco, Funambol CEO. "With this
funding, we have strengthened our financial resources to enable us to add
geographic support in global markets where we see significant demand for
mass market open source push email."
There are 3.3 billion mobile phones and two billion email accounts in
the world but less than two percent of people access email on their mobile
phone. This represents a large untapped revenue opportunity for service
providers, portals and mobile operators. Until now, mobile email has
required high-end smartphones, costly fees and complex setup. Funambol's
basis on open source and ad-funded push email and PIM sync capabilities
helps companies in the mobile ecosystem deliver new wireless services and
monetize mass market users.
"Global mobile email usage is expected to explode, with growth
transitioning from enterprise to mass market users," said Michel Wendell,
Nexit Ventures. "We have been impressed with Funambol's open source
technology, vision and management team. They have a great opportunity to
serve the growth segments of the mobile market."
Funambol provides open source push email and PIM sync solutions for
more than 1.5 billion mobile devices, including phones from Apple, Nokia,
Motorola, Samsung, Sony Ericsson, LG and others. Mobile operators and
service providers around the globe, including Earthlink in the U.S. and 1&1
in Europe, have adopted the commercial version of the company's software.
In addition, Funambol was recently selected by AOL to help with
synchronization for AOL's online and mobile mail services using Funambol's
open source software and its scalable synchronization platform. Recent
mobile advertising partnerships include Amobee Media Systems and Smaato,
with others expected in the coming months.
"Funambol recently signed a Web services company, two top device
manufacturers and a large U.S. carrier," said Carl Stjernfeldt, general
partner of Castile Ventures. "With its blue chip customer base and market
momentum, Funambol is the leading provider of open source mobile email
solutions for the mass market. Castile is excited to work with the
company's leadership to leverage this position."
About Funambol
Funambol provides mobile 2.0 messaging software powered by open source.
The company is the leading provider of open source push email and PIM sync
solutions for the mass market. Funambol open source has been downloaded
more than two million times by 50,000 developers and project participants
in 200 countries. The commercial version of Funambol has been deployed at
service providers, mobile operators, portals, device manufacturers and ISVs
including customers such as 1&1, Earthlink and CA, Inc. Funambol is
headquartered in Redwood City, CA with an R&D center in Italy. For more
information, please visit http://www.funambol.com.
Media Contact
Shelly Milam for Funambol
Page One PR
(415) 875-7491
shelly@pageonepr.com
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