Tuesday, June 17, 2008

Funambol Grabs $12.5M

Redwood City-based Funambol, a provider of open source-based, mobile messaging software, said this morning that it has raised a $12.5M Series B funding round. The round was led by Nexit Ventures, and also included both new investor Castile Ventures and existing investors Walden International and HIG Ventures. According to HIG, the funding will go towards growing it in the push email market, for product R&D, and for expansion in Europe and Asia. Michel Wendell of Nexit joins the board, and Castle's Car Stjernfeldt join as observer as part of the funding. The funding brings the company's total raised to $25M. More information »