February 7, 2005

Mobile software developer Mobilitec just said it has raised $12.1 million in Series C financing. Canaan Partners led the funding round, and new investor Duchossois Technology Ventures joined existing investors AIG Orion and Lucent Venture Partners.

Rutberg & Company served as Mobilitec's financial advisor on the deal.

"The market for mobile content services is one of the fastest growing market segments in the world's economy today and the demand for a solution that enables the delivery of mobile content is growing exponentially," said Margaret Norton, president and chief executive officer of Mobilitec.

"The support shown by our outstanding investors and our strong financial backing will enable us to scale and take advantage of our global opportunities."

WaveMarket, a location-based and mobile blogging services provider, also announced a successful Series B round of financing, snagging $9.4 million in venture capital. Draper Fisher Jurwetson led the round, with existing investor BlueRun Ventures (formerly Nokia Venture Partners) also participating.

Under terms of the financing, Draper managing director Andreas Stavropoulos will join WaveMarket's board of directors.

"The investment allows WaveMarket to expand sales, customer support and engineering resources to meet the demand for WaveMarket's products ... and will accelerate our efforts to convert any mobile phone into an on-location broadcaster," said Tasso Roumeliotis, WaveMarket's chief executive officer.

Source: RCR News

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