MFORMA Closes Second Institutional Round of Financing; New Round of Funding Closely Follows $44 Million First Round Announced in June

August 18th, 2004 by Ashu Mathura Posted in Companies & M&A | No Comments »

MFORMA Group Inc., a leading global provider of wireless entertainment media, announced today a new round of institutional financing on the heels of closing a $44 million round in June. The new round will total up to $40 million based on the company’s needs in pending acquisitions being reviewed. The company announced a first close on $19 million in the new round, led by Draper Fisher Jurvetson and including participation by existing investors General Catalyst Partners and Bessemer Venture Partners.

“The market for interactive mobile media is accelerating,” said Daniel Kranzler, MFORMA CEO. “At the same time a land grab of consolidation is underway with companies jockeying for market position. With MFORMA now reaching over 500 million mobile users through more than 100 wireless operators, we are perfectly positioned to be the leader in market consolidation. This round plus our previous funding gives us as much capital as if we had gone public, yet we still have the flexibility of a private company to innovate in our business. We were approached by one of the strongest and most experienced venture teams in the world, Draper Fisher Jurvetson, and their managing director, John Fisher, is now joining our board, giving us over 20 years of experience and insight in rapidly growing a business on a global scale.” More …

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