Reston, Va. (PRWEB) July 15, 2005
Qmobile Inc., a leading service provider in the emerging mobile digital media industry (http://www.qmobile.us), today announced that it has closed a $5 million Series B round of funding and grown to support over 350,000 subscribers.
The Grosvenor Funds led the $5 million Series B investment. The funds will be used to further expand the team, to invest in marketing and business development activities, and to support the company's working capital needs. Previous investors Draper Fisher Jurvetson (DFJ) and Draper Atlantic also participated in the round. DFJ and Draper Atlantic co-led Qmobile's Series A round in May 2004.
"We are excited to be part of the Qmobile success story, and we look forward to working with management to continue growing the company," said C. Bowdoin Train, Managing Partner at The Grosvenor Funds and a member of Qmobile's board of directors. "The digital media industry is exploding and Qmobile's unique business model positions it to remain one of a small handful of leaders in the mobile content and entertainment space."
In the nine months since it launched its commercial ringtone and wallpaper download service, Qmobile has delivered content to almost one million mobile phone users across the US, and now has over 350,000 monthly subscribers. The company currently offers downloadable ringtones, wallpaper images and games. It also runs a SMS chat service, and additional services are under development. Qmobile also supports over 200 affiliates who use the Qmobile platform to sell mobile ringtones, wallpaper and other content. "Our results have exceeded our expectations," said Leon Yohai, Qmobile's founder and CEO. "As an early mover in the mobile digital media industry, we are well positioned to continue our growth as the market matures and as our target demographic expands beyond teenagers and young adults. Furthermore, with the support of The Grosvenor Funds, Draper Fisher Jurvetson and Draper Atlantic, we look forward to strengthening our leadership position in this rapidly growing industry."
ABOUT QMOBILE INC.
Qmobile is one of the leading service providers in the emerging digital media industry. Launched in 2003 and leveraging the founding team's deep domain knowledge, Qmobile has delivered compelling entertainment and information services to almost one million mobile phone users across the US, and now has over 350,000 subscribers. The company currently offers downloadable ringtones, wallpaper images and games. It also runs a SMS chat service, and additional services are under development. Qmobile markets its services through direct response advertising, through http://www.qtones.com, and through numerous affiliate websites. Based in the Washington DC metro area, Qmobile is privately held and is backed by Draper Fisher Jurvetson, Draper Atlantic and the Grosvenor Funds. For more information on Qmobile, please visit http://www.qmobile.us
ABOUT THE GROSVENOR FUNDS
The Grosvenor Funds is an early and expansion-stage venture capital firm. Founded in 1994, Grosvenor is currently investing its fourth fund and has invested in over 70 private companies. Grosvenor, a Small Business Investment Company ("SBIC"), invests primarily in technology companies with proprietary intellectual property serving large, existing markets. Headquartered in Washington, DC, the firm also has an office in Greenwich, CT. For more information visit http://www.grosvenorfund.com
ABOUT DRAPER ATLANTIC
Draper Atlantic is an early stage information technology venture capital firm based in Northern Virginia that focuses on information technology businesses with enormous market potential. Draper Atlantic are active investors and play an active role within portfolio companies. Draper Atlantic partners with entrepreneurs with the energy, vision, experience, and passion to build great companies and helps them succeed through hands-on team building, partnerships, advice and support. For more information on Draper Atlantic see http://www.draperatlantic.com
ABOUT DRAPER FISHER JURVETSON
Draper Fisher Jurvetson is the premier early stage venture capital firm. Founded in 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. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. For more information on Draper Fisher Jurvetson see http://www.dfj.com