MOBILELIME CLOSES $10 MILLION SERIES A FUNDING ROUND LED BY OAK INVESTMENT PARTNERS
BOSTON - MARCH 21, 2006 - MobileLime(r), the first U.S.-based company to turn the mobile phone into a marketing, loyalty and payment device, today announced the completion of a $10 million venture capital financing. The financing was led by Oak Investment Partners. Ignition Partners and SeaPoint Ventures, which participated in the initial seed financing for MobileLime, also participated in this round.
"We are very fortunate to have the backing and support of such an experienced group of investors with deep expertise in the telecom and retail industries." said Robert Wesley, president and CEO of MobileLime. "We will leverage this new funding to support the national rollout of our mobile loyalty and payment solutions and speed the launch of our next generation mobile wallet based on Near Field Communication (NFC) technology."
MobileLime's expansion has been highlighted by the opening of sales offices in Boston, Chicago, Seattle, Atlanta and Austin. In addition, the company recently announced plans for its next generation platform based on NFC technology, which will add unprecedented speed, convenience and interactivity to the company's award-winning real-time marketing, cardless loyalty and mobile payment solutions.
"In looking closely at this growing market sector for a number of years, we believe that MobileLime is well positioned to emerge as a dominant player due to its laser focus on regularly developing technology that meets the changing needs of merchants and consumers alike," said David Walrod, general partner, Oak Investment Partners. "MobileLime's innovative technology provides the best mobile commerce solution for all the players in the ecosystem-- merchants, consumers, credit card companies and wireless carriers. Its ongoing development of the mobile wallet is in synch with the needs of this evolving space and recognizes the growing importance the cell phone has in daily life."
"MobileLime is one of the biggest ideas we've ever invested in," said Tom Huseby, managing partner of SeaPoint Ventures and chairman of MobileLime. "We are confident that the company's track record and foundation in mobile marketing, loyalty and payments will lead to the successful deployment of its next generation platform and enormous success in the marketplace."
MobileLime is the first U.S.-based company to turn the mobile phone into a marketing, loyalty and payment device, enabling merchants to build sales and loyalty in ways never before possible.
With MobileLime, consumers can use their mobile phones to personalize their shopping experience with valuable information and offers, take advantage of loyalty programs without carrying a card, and use their mobile phones as a quick and secure way to pay for purchases. MobileLime enables merchants to create a true one-to-one relationship with their customers - reaching them through multiple channels with timely and targeted promotions when customers are most receptive. Merchants can take advantage of cost-effective high-impact interactive cardless loyalty programs, and let customers pay with their mobile phones, speeding checkout and cutting costs by offering flexible payment options.
Recently awarded the 2005 Global Retail Technology Award for Best In-Store Innovation and the Innovation Award from the Global Mobile Marketing Association, MobileLime, a service of Vayusa, Inc., is privately held and based in the Boston area. To learn more, please visit www.mobilelime.com.
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