OnePIN® Closes Series B Financing
BOSTON, Mass., June 7, 2007 – OnePIN, Inc., the developer of CallerXchange, a mobile contact exchange service that connects people and enhances relationships, today announced that it has secured $8 million in Series B financing. The investment was led by Greycroft Partners, a New York-based firm specializing in digital media companies. Series A investors FA Technology Ventures and Egan-Managed Capital also participated in the financing.
The Series B financing will be used to accelerate development of the OnePIN product suite and to deploy its products worldwide through its partners.
“OnePIN is revolutionizing how people stay connected in a mobile environment,” said Alan Patricof, founder and managing director of Greycroft Partners. “They have addressed the immediate needs of hundreds of millions of people, and are poised to capitalize on a clear market opportunity.”
“Mobile operators around the world face the same challenges – price competition, churn, high acquisition costs, and flattening average revenue per user,” said Ken Mabbs, managing partner with FA Technology Ventures, “OnePIN’s highly innovative technology provides operators with the ability to deliver unique peer-to-peer applications that drive usage and increase customer loyalty.”
"OnePIN has quickly established relationships with many of the world’s leading mobile operators," noted board member Mike Shanahan of Egan-Managed Capital. “These operators seem to readily grasp the compelling benefits of offering CallerXchange to their customer base.”
Also participating in the Series B financing were four senior executives from the world’s largest wireless, telecom, and Internet companies, including Daniel H. Schulman, CEO of Virgin Mobile USA, Inc.
About Greycroft Partners
Greycroft Partners, based in New York City , is a venture capital partnership formed to invest in promising digital media companies. The firm’s $75mm fund includes participation from leading corporate executives around the world. Greycroft also leverages an extensive network of media and technology connections to help investees gain visibility, build strategic relationships, and successfully bring their products to market. Greycroft’s portfolio companies benefit from active, hands-on assistance in all phases of expansion. www.greycroftpartners.com
About FA Technology Ventures
FA Technology Ventures (FATV), based in Boston, MA and Albany, NY is a leading early stage investor, providing venture capital, management and guidance for companies in the emerging growth sectors of Information Technology and Energy Technology. FA Technology Ventures is committed to helping build tomorrow’s great technology companies by backing experienced, passionate entrepreneurs who have innovative ideas and a new vision for the future. Recent notable FATV investments include iRobot (Nasdaq: IRBT) and Softricity (acquired by Microsoft). www.fatechventures.com
About Egan-Managed Capital
Egan-Managed Capital is a New England-based venture capital firm that provides funding for early stage high-technology start-ups. Egan-Managed Capital delivers field-tested strategies, first-hand technology expertise and hands-on management involvement. Some of area’s most exciting start-ups have been funded by the firm, ranging from Network Engines and Network Intelligence to Groove Mobile and SOFTRAX Corporation. Founded in 1997, the firm currently manages funds with $233 million in committed capital. www.egancapital.com
About OnePIN, Inc.
OnePIN develops simple, universal and permission-based contact exchange solutions. Its patented innovations are delivered to mobile operators throughout the world. The privately-held company is headquartered in Westborough, Massachusetts, USA.
For more information visit www.onepin.com or email us.
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