More Cash for Mobile Content Firm
The mobile content provider, Mforma Group says that it has raised US$30 million in a third round of institutional financing. The round was led by Institutional Venture Partners (IVP), and includes participation by existing investors Bessemer Venture Partners, Draper Fisher Jurvetson, and General Catalyst Partners. The new funds will be used by Mforma to develop new product lines and to expand global operations and marketing initiatives.
"Mforma has scaled their business exceptionally well as they have grown to become a world-leading mobile publisher," said Todd Chaffee, IVP managing director and general partner. "Their experience with the major wireless operators around the world and the breadth and richness of their content catalog is unmatched. We look forward to working with Mforma's strong management team as they develop and deliver the next generation of mobile entertainment products."
"We are grateful for the support of IVP and our other outstanding investors," said Jonathan Sacks, Mforma CEO. "We believe the mobile entertainment market will see tremendous expansion and innovation and we are very pleased to have the funding necessary to pursue our objectives."
Mforma was founded in 2001 by Daniel Kranzler, executive chairman, who recently turned over the CEO role he held for three years to Jonathan Sacks. Mforma today has more than 700 employees, delivering content to virtually every major wireless operator in the world. Mforma Group, Inc. comprises Mforma Americas, Mforma Europe, Mforma China, and Mforma Korea."
Posted to the site on 6th October 2005