7/15/2003 - AppForge, a mobile and wireless software technology provider, closed an $8.3 million Series B round of financing this week. AppForge is a leading provider of mobile and wireless software products and services to developers, OEMs, Carriers, and consumers.
AppForge technologies currently operate on the most popular mobile and wireless operating systems including Palm OS, Pocket PC, and Symbian. AppForge maintains extensive relationships with major device manufacturers, leading system integrators, and key technology vendors to ensure that AppForge is providing the best solutions for its customers.
This new investment will enable AppForge to add device support for the growing number of mobile and wireless devices and operating systems. The funds will also aid in the expansion of sales, marketing, and business development efforts domestically and internationally.
”We are very pleased with the investment and value the experience and knowledge that our new investors bring to AppForge,” said Doug Armstrong, President and CEO of AppForge. “We will continue to work closely with carriers, device manufacturers, and developers to provide the best products and services for the mobile and wireless industry.”
AppForge’s success in the mobile and wireless industry has not been missed by the investment community, as exemplified by the caliber of investors participating in this round of funding. Leading the Series B round is The Grosvenor Funds. Other new investors include Council Ventures, The Warren Group, and Tim Draper, a Managing Director of Draper Fisher Jurvetson. Series A investors who are participating in the Series B round include Draper Atlantic, C&B Capital, and Sinclair Ventures.
“We have been following AppForge for some time now,” said Bowdoin Train, managing partner at Grosvenor Funds. “In an industry that has gone through tremendous turmoil over the last few years, AppForge has managed to grow its core business, add new revenue sources, and develop new strategic partnerships. We are looking forward to working with them.”
"The Appforge product set offers much-needed solutions to wireless application developers, manufacturers of smart phones and PDAs, wireless carriers and consumers alike,” said John Backus, a managing director at Draper Atlantic. “Their success in satisfying these very different and demanding customers led to an oversubscribed round of financing with which we are quite pleased."
AppForge products and technology enable software developers to write mobile and wireless applications using the knowledge and resources they already have. AppForge’s flagship product, MobileVB, provides Visual Studio developers the ability to write applications for more than 90% of the world’s leading mobile and wireless devices including Palm OS, Pocket PC and Symbian devices. More than 80,000 developers are using AppForge MobileVB to develop applications that are in use on more than three million mobile and wireless devices worldwide. For more information on AppForge, visit the company’s Web site at http://www.AppForge.com, phone (678) 686-9400, or e-mail info@AppForge.com
The Grosvenor Funds is an early stage venture capital firm. Founded in 1994, the firm manages four venture capital funds, which have invested in 44 private companies. The Grosvenor Funds invests primarily in telecommunications equipment and technologies, Internet infrastructure and drug development/genomics companies. Headquartered in Washington, DC, the company also has offices in Greenwich, Connecticut and San Francisco, California. For more information, please visit www.grosvenorfund.com or call 202-861-5650.
About Council Ventures
Council Ventures is a venture capital firm founded in July 2000 and headquartered in Nashville, TN. In working towards its mission of creating great returns, Council Ventures and the Council Ventures' CEO Council provide a balanced mix of traditional venture capital experience needed to analyze opportunities and structure deals and, with the Council Ventures CEO Council, senior executive operating experience needed to help portfolio companies to grow. For more information, visit http://www.councilventures.com
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