MFORMA Completes $30 Million Financing Round Led by Institutional Venture Partners6 October 2005
MFORMA Group Inc., a leading global
publisher and distributor of mobile entertainment, has raised $30 million in a
third round of institutional financing. The round was led by Institutional
Venture Partners (IVP), one of the country's premier venture capital firms,
and includes participation by existing investors Bessemer Venture Partners,
Draper Fisher Jurvetson, and General Catalyst Partners. The new funds will
be used by MFORMA to develop new product lines and to expand global operations
and marketing initiatives.
"MFORMA has scaled their business exceptionally well as they have grown to
become a world-leading mobile publisher," said Todd Chaffee, IVP managing
director and general partner. "Their experience with the major wireless
operators around the world and the breadth and richness of their content
catalog is unmatched. We look forward to working with MFORMA's strong
management team as they develop and deliver the next generation of mobile
entertainment products."
"We are grateful for the support of IVP and our other outstanding
investors," said Jonathan Sacks, MFORMA CEO. "We believe the mobile
entertainment market will see tremendous expansion and innovation and we are
very pleased to have the funding necessary to pursue our objectives."
MFORMA was founded in 2001 by Daniel Kranzler, executive chairman, who
recently turned over the CEO role he held for three years to Jonathan Sacks.
MFORMA today has more than 700 employees, delivering content to virtually
every major wireless operator in the world. MFORMA Group, Inc. comprises
MFORMA Americas, MFORMA Europe, MFORMA China, and MFORMA Korea.
About Institutional Venture Partners
With more than $1.6 billion of cumulative committed capital, Institutional
Venture Partners (IVP) is one of the premier venture capital firms in the
United States. Founded in 1980, IVP has invested in over 200 privately-held
companies, and more than 80 of these companies have gone public. The firm's
managing directors have more than 100 years of combined venture capital
experience. IVP is currently investing IVP XI, a $300 million fund focused on
expansion-stage investments in rapidly-growing information technology
companies. For more information, visit http://www.ivp.com.
About Bessemer Venture Partners
As the oldest venture capital practice in the United States, Bessemer
Venture Partners manages more than a billion dollars of venture funds,
carrying on a tradition of hands-on, active venture investing that started in
1911. Over 100 Bessemer companies have gone public, including American
Superconductor, Ciena, Gartner Group, Ingersoll Rand, International Paper,
Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign and W.R. Grace.
BVP is located in Silicon Valley, New York, Boston, Shanghai, Mumbai, and
Bangalore. For more information, visit http://www.bvp.com.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the leader in seed stage and early stage
venture capital. Since 1985, Draper Fisher Jurvetson has created a global
network of affiliated venture funds with over $3 billion in capital
commitments and offices in the major technology centers around the world. DFJ
has proven expertise in identifying and helping extraordinary entrepreneurs
who want to change the world. For more information, visit http://www.dfj.com.
About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in
exceptional entrepreneurs and technical founders who are building the software
solution and technology platform companies that will lead innovation and
transform industries. Founded in 2000, General Catalyst Partners leverages its
principals' extensive operational, business development and technological
expertise to provide portfolio companies with a catalyst for success through
business building and partnership development assistance. General Catalyst is
headquartered in Cambridge, Mass. For more information, visit
http://www.generalcatalyst.com.
About MFORMA Group, Inc.
MFORMA is a leading global publisher and distributor of mobile
entertainment. MFORMA provides wireless operators and their customers with
the world's best content and brands, and provides developers and brand owners
with the shortest route to market. MFORMA's customers include more than 100
of the world's leading wireless carriers. In addition to the industry's most
comprehensive catalog of BREW, Java, SMS, MMS, and WAP games, MFORMA also
provides sports, lifestyle, and information services subscription products.
MFORMA's carrier-grade platform manages the delivery of downloadable games and
applications for some of the world's largest carriers. MFORMA is a U.S.
corporation with offices in San Francisco (headquarters), San Diego, and Los
Angeles, California; Bellevue, Washington; London and Manchester, England;
Shanghai and Beijing, China; and Seoul, Korea. [www.mforma.com]
CONTACT: Kimberly Tassin Candice Yusim
MFORMA mPRm
206.654.1001 (323) 933-3399 x239
ktassin@mforma.com cyusim@mprm.com
Source: PR Newswire
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