WaveMarket, developer of location-based and mobile blogging services, has raised $9.4M in Series B financing

February 9, 2005

2 Min Read

EMERYVILLE, Calif. -- WaveMarket, (www.wavemarket.com), a pioneer in location-based and mobile blogging services, announced it has closed a Series B round of financing, securing $9.4 million in venture capital. Draper Fisher Jurvetson led the round, with existing investor BlueRun Ventures formerly known as Nokia Venture Partners also participating. WaveMarket will use the proceeds to drive the success of their Crunkie service (mobile location-based social network), alert solutions and location-based applications by providing concentrated support to their growing list of wireless carrier customers.

WaveMarket’s Board of Director’s welcomes the addition of new member, Andreas Stavropoulos, managing director of Draper Fisher Jurvetson. Stavropoulos said, “I was attracted to WaveMarket’s innovative approach to mobile location services. They transform underachieving LBS into location-aware social networks and dynamic blog-based city guides. Furthermore, they have unique technology that allows parents to create protective ‘geofences’ around their children.” He also said that “this is the gutsy and aggressive type of entrepreneurial team that Draper Fisher Jurvetson proudly backs.”

Peter Buhl, partner at BlueRun Ventures (formerly Nokia Venture Partners), added that after "Having worked with WaveMarket since 2002, we have seen the team’s revolutionary approach to location services become a reality with deployments at SK Telecom, Bell Mobility and AT&T Wireless. The team has a proven record of innovation and execution.”

“We are very excited about adding Draper Fisher Jurvetson. DFJ’s expertise on media business models and viral networks are vital to our success” said Tasso Roumeliotis, CEO of WaveMarket. “BlueRun Ventures has shown its unparalleled acumen of wireless over the last three years and we are proud to expand our relationship with them. The investment allows WaveMarket to expand sales, customer support and engineering resources to meet the demand for WaveMarket’s products, WaveIQ™, and will accelerate our efforts to convert any mobile phone into an on-location broadcaster.”

WaveMarket Inc.

Subscribe and receive the latest news from the industry.
Join 62,000+ members. Yes it's completely free.

You May Also Like