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TextPlus Raises $18 Million in Funding, Buys Mobile App Developer
Published on:
OTT messaging provider, textPlus has raised an additional US$18 million in capital led by the Raine Group, the merchant bank focused exclusively on entertainment, digital media and sports. Previous textPlus investors Kleiner Perkins Caufield Byers, Matrix Partners and GRP Partners have also joined in this fourth round of funding for the company.
Proceeds will be used towards international expansion, product development and acquisitions.
textPlus monetizes its messaging traffic through display advertising, as well as user earned or purchased minutes for out-of-network voice calls. textPlus says that its success in these monetization strategies has put the company firmly on the path to profitability.
"textPlus' unique combination of in-network and out-of-network services creates a strong value proposition for consumers and positions the company to disrupt the world of mobile technology,' said John Salter, Partner at The Raine Group and new textPlus board member. "Scott and his team have built a solid company and we are delighted to partner with them in their next phase of expansion as they seek to reach and connect even more users on a global basis."
In conjunction with the funding, textPlus has changed both the product and company name to textPlus, dropping GOGII as the parent company name. Additionally, the company has acquired Los Angeles-based startup Jarvus, an app that helps people capture and share experiences, events and moments together. Jarvus CEO Chris Vaughn and CTO Raymond Jia will join the textPlus team, helping lead business development and product development for the company.
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