Funambol Closes $5.75M Round
FOSTER CITY, CA, Leader of white-label personal cloud solutions for mobile providers closed a $5.75M round of financing.
Funambol, the leader of white-label personal cloud solutions for mobile providers, today announced that it closed a new round of financing to fuel the company's rapid expansion worldwide. The $5.75M funding along with a working capital line allows Funambol to execute on its increased market traction that includes major customer wins at multiple tier-1 mobile operators and other large service providers in North America, Europe, Africa and Asia. These customers are collectively deploying Funambol's OneMediaHub for millions of users to wirelessly secure, sync and share their digital content across mobile phones, tablets and computers via the cloud. The new financing will enable Funambol to continue to extend its global footprint and momentum.
"As we look at new investment opportunities, we are pleased that Funambol has signed major customers in a very short time span. Along with Nexit Ventures and Castile Ventures, we are increasing our investment in the company," said Fred Sturgis, Managing Director, HIG Growth Capital. "Mobile and personal clouds are one of the fastest growing segments in the industry."
The market for personal clouds is transitioning from 'silos' such as iCloud, Google Drive and MS SkyDrive to services that seamlessly support multiple brands to enable users to store all of their content in one cloud for convenience. The demand for personal cloud services is reaching the tipping point as consumers increasingly use multiple mobile devices and computers. Consumers require an easy way to keep their digital life in sync, including support for pictures, videos, files, music, contacts and calendars. Large mobile providers are recognizing this need as their unique opportunity to offer personal clouds that support multiple brands of devices. The providers are also realizing the business case for significant financial returns resulting from reduced customer churn, increased customer acquisition and new revenue streams.
"Major global mobile providers are seeking a white-label personal cloud solution, and we are delighted to work with them to grow their customer acquisition and retention capabilities," said Amit Chawla, Funambol CEO. "Our new financing is validation of this surging market demand. It will enable us to accelerate our role as the leader of white-label personal cloud solutions."
Funambol is the leader of white-label personal cloud solutions for mobile providers. Funambol solutions have been deployed by leading companies in mobile, including operators, device manufacturers (OEMs), internet firms, content companies and system integrators. Visit http://www.funambol.com for more details.
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