Mforma Grabs $44M

Mforma Group Inc. announced today a new round of institutional financing on the heels of closing a $44 million round in June

August 17, 2004

2 Min Read

KIRKLAND, Wash. -- MFORMA Group Inc., a leading global provider of wireless entertainment media, announced today a new round of institutional financing on the heels of closing a $44 million round in June. The new round will total up to $40 million based on the company’s needs in pending acquisitions being reviewed. The company announced a first close on $19 million in the new round, led by Draper Fisher Jurvetson and including participation by existing investors General Catalyst Partners and Bessemer Venture Partners.

“The market for interactive mobile media is accelerating,” said Daniel Kranzler, MFORMA CEO. “At the same time a land grab of consolidation is underway with companies jockeying for market position. With MFORMA now reaching over 500 million mobile users through more than 100 wireless operators, we are perfectly positioned to be the leader in market consolidation. This round plus our previous funding gives us as much capital as if we had gone public, yet we still have the flexibility of a private company to innovate in our business. We were approached by one of the strongest and most experienced venture teams in the world, Draper Fisher Jurvetson, and their managing director, John Fisher, is now joining our board, giving us over 20 years of experience and insight in rapidly growing a business on a global scale.”

“We are seeing massive growth in mobile entertainment worldwide and MFORMA is the clear leader,” said John Fisher, managing director of Draper Fisher Jurvetson. “They have a respected presence in every territory where they are established and they have the distribution network and the diverse catalog of mobile entertainment applications necessary to reach into all parts of the world.”

Noted Ron Elwell, partner at Bessemer Venture Partners, “We invested in MFORMA on the basis of its tremendous market position and potential, and we have been delighted to work with the company to achieve that. MFORMA has made great progress and has shown great discipline in evaluating expansion opportunities. Bessemer is even more convinced that MFORMA is poised to become the leader in the field of wireless content and we are pleased to be able to support its continued growth.”

Mforma Group Inc.

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