Rave Scores $5M

Rave Wireless completes Series A round of financing from Bain Capital Ventures and Sigma Partners

August 26, 2005

1 Min Read

NEW YORK -- Rave Wireless Inc., today announces thatit has raised $5 million in venture capital funding from Bain Capital Ventures andSigma Partners. Rave is led by CEO and serial entrepreneur Rodger Desai alongwith telecommunication entrepreneurs Ghen Saito and Raju Rishi. ShikharGhosh, founder of Open Market, serves as Chairman.

Rave Wireless provides the easiest way to find, create, and share time andlocation-based information with mobile phones. Rave has partnered with leadingglobal wireless carriers to ensure its platform is integrated with the carriers’location-based and presence services. Rave's services are initially targeted atNorth American youth and their universities.

"We couldn't be more thrilled that Bain Capital Ventures and Sigma Partnersshare our belief that the mobile phone will continue to develop and transform theway people interact with each other and their communities,” said Rave CEORodger Desai. “Today’s youth is leading the way in defining a mobile lifestyle thatwill become commonplace.”

"We're always excited to work with entrepreneurs we’ve backed before, and inthis case we are even more excited about a company that truly understands thepotential of wireless for consumers; they have an incredibly strong understandingof the youth market” said Bob Davoli, Managing Director, Sigma Partners."We couldn't imagine a better team than a proven wireless entrepreneur likeRodger Desai and a technology visionary like Shikhar Ghosh” said Ajay Agarwal,Venture Partner at Bain Capital Ventures.

Rave Wireless Inc.

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