30 July 2001, Netanya, Israel -- Cash-U Mobile Technologies, a developer of enabling technologies and a leading platform provider in the mobile entertainment market, today announced that it has raised over $18.5 million in its second institutional financing round. The round was lead by Fidelity Ventures and Greylock, with existing investor Pitango Venture Capital (formerly Polaris Venture Capital, originating in Israel) also participating.
Amir Peleg, Founder and Chief Executive officer of Cash-U, said the funds will be used to further establish the company’s position in Europe and lead an expansion into the US and Asia-Pacific region.
“We are pleased with the continued interest we are seeing from venture investors and are particularly proud of the caliber of investors we are bringing to our country”, said Amir Peleg. “Cash-U is building recognition in the mobile entertainment industry for its superior technology, which we believe is on its way to becoming the de-facto standard.”
Rami Kalish, Managing Director of Pitango Venture Capital added: “This second round of investment comes from some of the financial community’s most respected and accomplished institutions and represents the first investment in an Israeli company for both Fidelity Ventures and Greylock, joined by Pitango Venture Capital, who led the previous investment round in Cash-U”.
Joining the Cash-U board are Roger Evans, a General Partner of Greylock, and Simon Clark, a Managing Director of Fidelity Ventures. Roger Evans has previously served as the CEO of Micom Systems. Evans currently serves on the boards of Openwave, Copper Mountain, Enuvis, New Edge Networks, Photuris, PrairieComm, RightNow Technologies, and Syndesis. Simon Clark has previously served as Chief Financial Officer and International General Manager of TheStreet.com and was the original creator of Reuters.com.
“Our research led us to Cash-U because of its existing customer base and business partners, as well as the management team’s strategic insights and focus on execution,” said Simon Clark who is based in London and is responsible for Fidelity Ventures’ European investment activities. “We believe that Cash-U has the potential of becoming a leading infrastructure company in a rapidly growing market with visible returns on investment for wireless carriers.”
“We at Greylock are convinced that entertainment applications will be an important driver of wireless data revenues, and that a software platform like Cash-U’s will be key to attracting application developers. We were sufficiently impressed with the success of Cash-U’s early service provider developments in Europe to make Cash-U our first ever investment in an Israeli company,” said Roger Evans, general partner in Greylock.
Cash-U, which was founded in January 2000 and currently has a product line that enables carriers and wireless ASPs to deliver mobile entertainment applications to the end user in a scalable and cost effective manner. Cash-U’s main product, the Pecan platform, is an open execution and hosting platform for single or multi-user interactive applications in a GSM, GPRS, or 3G environment. This is further supported by a software developers kit (SDK), Pistachio, that offers developers the ability to create “Plug & Play” applications on the Cash-U platform and benefit from built in multi-user support and exposure to an established user base.
Cash-U’s platform is commercially installed with several operators over Europe, and more than 40 application developers are using the Pistachio SDK in order to develop mobile entertainment applications.
Notes to Editors
About Cash-U Mobile Technologies Ltd.
Cash-U mobile Technologies was founded in January 2000 has a product line that enables carriers and wireless ASPs to deliver mobile applications to the end user in a scalable and cost effective manner. Cash-U’s main product, the Pecan platform, is an open execution and hosting platform for single or multi-user interactive applications The Cash-U product suite also includes “Pistachio”, a software development kit (SDK) provides developers the ability to create “plug & play” applications on its platform. “Peanut Butter”, an applications bundle offered by members of Cash-U's Global Developer Community.
Cash-U’s platform is commercially installed with some of Europe’s leading operators, and more than 40 application developers are using the Pistachio kit to develop mobile entertainment applications.
Cash-U has 60 employees based in Israel and Europe, and it has been financed by Greylock, Fidelity Ventures, Pitango Venture Capital, JPMorgan Partners, Intel Capital and Argoquest.
Visit the website: http://www.cash-u.com
For more information, please contact:
Gary Marshall or Chris Gent
Companycare Communications Ltd
Tel: +44 (0) 118 939 5900
Fax: +44 (0) 118 959 9595
Fax: +972 9 8920800
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