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$10.7M round of funding led by RRE Ventures; Joseph G. Fogg, III, chairman of new investor Westbury Partners, joins the Qpass board

Qpass Gets $10.7M

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12/30/2002
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SEATTLE -- Qpass Inc., the leading provider of activity management business system software for wireless carriers and other network operators, today announced the first closing of its Series B financing, securing $10.7 million. RRE Ventures led the round with participation from new investor Westbury Partners, along with existing investors Hook Partners, Oak Investment Partners, Seapoint Ventures, and Venrock Associates. The company’s management also participated in the round. In conjunction with the financing, Qpass announced that Joseph G. Fogg, III, chairman of Westbury Partners and former head of worldwide investment banking at Morgan Stanley & Co., has joined the company’s board of directors. This funding marks the third and final step in the transition from the company’s original business plan to one that is solely focused on providing business systems to network operators. “Over the last eighteen months we have restructured and narrowed the focus of the company, rebuilt our software platform from the ground up, and have now completed our recapitalization, emerging with a fully-funded business plan in hand,” said Chase Franklin, Qpass CEO. “We’re proud to have completed this process while continuing to support our leading wireless carrier customers, adding support for new services like Wi-Fi access and Java downloads along the way.” The funding will be used to finance general operational expenses including sales and marketing of Prosperity Series™ in North America and Europe. Qpass Inc.

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