MocoSpace secures $3 million in a-round funding
Funding Enables Growth and Support of Mobile Community
CAMBRIDGE, Mass. - August 28, 2007
, the fastest growing and largest U.S. mobile community network, today announced it has successfully secured $3 million in Series A funding. Led by General Catalyst Partners of Cambridge, Mass., with additional funding through Pilot Group and individual investor and former eBay executive Michael Dearing. The funding will support the growth of MocoSpace's mobile community service. In connection with the financing, MocoSpace has established its headquarters in Boston, Mass.
"We are very excited to partner with the MocoSpace team. They have quickly built one of the most exciting sites on the mobile Internet in North America," said John Simon, partner, General Catalyst Partners. "We believe MocoSpace will be a leader in the mobile community space, and we are pleased to support the growth of such a promising, forward-thinking enterprise."
The recent funding is a reflection of the rapid growth of the mobile social networking market and the increase of mobile content users in the US. With more than 76 million mobile content subscribers in the US alone and 6.7 percent of all Americans utilizing mobile chat or dating applications - according to Telephia and M:Metrics, respectively - consumers are seeking a more participatory experience on their most personal device: the mobile phone. The call from mobile subscribers for a community network on the mobile platform that is free, engaging and fun has led to the success of MocoSpace.
"We are dedicated to providing our MocoSpace members the best mobile experience possible," said Justin Siegel, co-founder and CEO of MocoSpace. "With the support of our investors, we are now in a position to deliver on our goals."
MocoSpace is one of the largest and fastest growing mobile communities in North America. It offers everyone the opportunity to find friends and stay connected - whenever and wherever. MocoSpace has offices in Boston, Massachusetts & Herzeliya, Israel. For more information, visit http://www.mocospace.com
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners
leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has approximately $1 billion under management and is headquartered in Cambridge, Mass.