Motricity Lands $32M VCMotricity Lands $32M VC

Motricity has received $32 million in funding to further the company's aggressive expansion in the mobile content industry

August 11, 2006

2 Min Read

DURHAM, N.C. -- Motricity, a global leader in Mobile Marketplace Management, today announced that it has received $32 million in funding to further the company's aggressive expansion in the mobile content industry. Concurrently, the company announced the appointment of David Holland, vice president and treasurer of Cisco Systems and Steve Clark, former chief executive officer of SpectraSite Communications, to its board of directors.

The $32 million is part of a larger funding round that will close in stages in the coming weeks. It was led by Advanced Equities Inc. with participation from other existing investors.

New Motricity board members Holland and Clark are seasoned, well-respected technology industry executives. Holland was named one of the "100 Most Influential People in Finance" by Treasury & Risk Management magazine in 2006. He was the driver for Cisco's successful $6.5 billion bond offering earlier this year--a first in the company's history, and currently manages Cisco's worldwide treasury activities and their $21 billion in financial assets. Clark has an impressive history of building and growing successful technology organizations. Most notably, Clark founded and grew SpectraSite Communications into one of the nation's leading cell tower operators, which ran 8,000 cell towers on behalf of wireless carriers including Cingular, Sprint, Verizon and others. Under Clark's leadership, SpectraSite completed a successful IPO on NASDAQ, listing on the NYSE, and was ultimately sold to American Tower in 2005 for $3.1 billion.

"The funding and the board additions represent resources and experience that will enable us to further cement our leadership position in this industry," said Ryan Wuerch, chairman and chief executive officer at Motricity. "We are constantly focused on setting the standard for mobile technologies and services that enable our customers to fully execute their goals within the mobile channel.

"We will use the funding to fuel our ongoing strategic development activity as we are aggressively pursuing opportunities for tactical growth into new markets," said Wuerch. In July, Motricity acquired Los Angeles-based GoldPocket Wireless, a leader in mobile interactivity and marketing solutions for media and entertainment companies, broadening Motricity's customer footprint and positioning the company as the industry's most complete supplier of on-deck and off-deck mobile solutions.

Commenting on the new board members, Wuerch said, "Steve and David add tremendous depth to our board. They're seasoned professionals that have great experience building and operating successful companies, both private and public - growing the business, raising capital, and operating in the public market. Their insight will be key as Motricity moves to the next level. We're honored to welcome them both to our board."

Motricity Inc.

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

You May Also Like