Motricity Closes On Additional $32M in Venture Funding, Looks To Raise More
Posted August 11, 2006 2:08 a.m. EDT
DURHAM, N.C. — Motricity
, a developer of content and applications for use by mobile network content providers and network operators, is preparing to make a new round of acquisitions.
The Durham-based company said Friday morning that it had closed on $32 million in venture capital funding. More money is on the way, Motricity said, and it is planning to make further "aggressive expansion".
According to Private Equity Wire, Motricity is raising $60 million. The Triangle Business Journal reported Motricity wants to raise $75 million.
The latest round includes new investor wireless gear manufacturer Qualcomm, PE Wire reported. Advanced Equities led the round. Other investors included Advanced Equities, Intel Capital, Wakefield Group, New Enterprise Associates, Noro-Moseley Partners, Technology Crossover Ventures, Tri-State Investment Corp and Sienna Ventures, PE Wire said.
Motricity has been considered among the most likely companies in the Research Triangle Park region to go public. However, an initial public offering may not come in the near future since the firm said it is raising additional capital.
Motricity also added two high-profile executives to its board of directors as it ramps up for additional growth. Joining the board are Steve Clark, the former chief executive officer of SpectraSite Communications, and David Holland, vice president and treasurer of Cisco Systems.
Clark recently joined Durham-based Intersouth Partner's venture capital team.
Motricity has already raised $72 million in venture capital funding this year. The latest round, led by Advanced Equity and existing investors, will grow, the company said. The "larger funding round" will close in stages in coming weeks, the company said in a statement. To date Motricity has raised more than $150 million.
"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 of Motricity, in a statement. "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," he added.
For example, earlier this week Motricity announced a deal with Universal Music Group to move into the lucrative music download market.
Last month, Motricity acquired GoldPocket Wireless, a well-known and hot mobile interactivity and marketing solutions firm in Los Angeles. GoldPocket works with a wide variety of entertainment and network clients.
The addition of the board members will give Motricity additional expertise and experience as the company continues to grow, Wuerch said. "Their insight will be key as Motricity moves to the next level," he said of Clark and Holland. "We're honored to welcome them both to our board."