Mobileway Raises $17M

Led by Mayfield, third funding round includes new investments from CDP Capital Technology Ventures, Intel Capital Corporation, others

October 23, 2003

2 Min Read

LONDON -- Mobileway, the global provider of mobile services, has secured $17 million in its third round of funding. Led by Mayfield, the round includes new, strategic investments from CDP Capital Technology Ventures, Intel Capital Corporation and others, as well as additional capital from second round investors. The new financing supplements a first round that closed in summer, 2000, and a second round that closed in summer, 2001. Mobileway will use its third round financing to fulfil customer commitments through the further development of value-added solutions, hosted tools and applications platforms, and its global connectivity and settlement infrastructure.

Janice Roberts, General Partner at lead investor Mayfield, said: “Mobileway is extremely well positioned to capitalize on the opportunities for growth in mobile services. The company is already a major global player and its technology, management and customer base are second-to-none. Mayfield is truly excited to be a part of the next phase in Mobileway’s development.”

Mobileway has experienced dramatic growth over the past three years both in terms of its customer portfolio, which now includes more than 400 local and global brands of the world’s leading media, entertainment and marketing companies, as well as through the expansion of its product portfolio. Through the development of advanced application platforms, Mobileway offers companies industry-leading solutions that help them build fun, attractive campaigns and a first class service for delivering and monetizing their content across the globe.

Russ Shaw, CEO of Mobileway, said: “In this extremely challenging fundraising environment, we are proud and delighted to be funded by such a notable group of investors. This is a fabulous endorsement for Mobileway and a clear indication of their belief in the company’s ability to play a central role at the heart of four main industries – telecom, IT, payment and content – and to be a key player in the development of information and financial exchange. Now that the heralded convergence is really beginning to take off, Mobileway’s competence and experience in these fields place it in a singular position to play a pivotal role in the creation of a booming market for digital information exchange."

Mobileway Inc.

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