FastMobile Raises $4M

Startup raises Series A funding to kickstart its instant messaging business in Europe and Asia

November 25, 2002

2 Min Read

SCHAUMBURG, IL. -- FastMobile, a leading provider of innovative mobile instant communication services, announced today that it has raised $4 million in Series A Preferred Stock to fund the launch of its fastxt™ service in the United Kingdom and South Korea and to fund final development and testing of its push-to-talk service, fastchat™. fastxt™ and fastchat™ are integrated, group text and voice conversation services that let mobile users communicate with friends, families or ad hoc groups instantly, anywhere in the world. The financing was led by Leo Capital Holdings, with participation from BlueStar Ventures and Red Barn Investments.The financing represents the first outside money invested in FastMobile and was funded in tranches, with the initial capital invested in January of this year. "This investment enables us to introduce our revolutionary fastxt™ service to leading Short Messaging Service ("SMS") markets. fastxt™ delivers all of the functionality of PC-based instant messaging and more to the mobile environment," said Kang Lee, Founder and CEO of FastMobile. "We have solved many of the user issues that have hindered mass adoption of instant mobile messaging in the past.""This is an exciting time for FastMobile and mobile consumers globally as the Company introduces instant mobile messaging without geographic, mobile operator or technological boundaries," said Randy Rissman, Managing Director of Leo Capital Holdings. "We believe that when FastMobile rolls out its full suite of mobile instant communication services, including push-to-talk instant voice chat early next year, it will have a major impact worldwide." fastxt™ provides the instant messaging functionality that other service providers are just beginning to discuss. These features include:- User-friendly support of multiple, simultaneous group conversations;- Global interoperability, without carrier restrictions or network boundaries;- SMS integration, allowing non-fastxt™ friends to stay in the loop;- Simple buddy lists that provide presence and allow users to even initiate phone calls;- Large scrolling dialogue screen has no character limits and instantly displays messages received; and- Messages sent to or composed by the user are stored when there is no network coverage and immediately delivered upon reentry.By offering unlimited fastxt™ messaging with integrated SMS capability in a variety of subscription-based packages, FastMobile's fastxt™ service provides unmatched messaging value and features to its subscribers. Patrick Pollard, Managing Director of BlueStar Ventures, said, "We believe that fastxt™ is the first of many killer applications that FastMobile can deliver over 2.5G and 3G mobile networks. We will work aggressively to support FastMobile as they expand globally."FastMobile

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