BOSTON, MA--(Marketwired - Jun 5, 2013) - Mobiquity (www.mobiquityinc.com), a mobile solutions firm creating innovative enterprise-class apps that drive business value, today announced it has secured $12 million in Series B financing, led by NewSpring Growth, the dedicated technology and business services growth equity fund of NewSpring Capital, a family of private equity funds. Existing investors Longworth Venture Partners and Sigma Partners also joined the round, bringing Mobiquity's total financing to date to $17 million. The new injection of capital will support Mobiquity's geographic expansion as well as continued investment in the company's product portfolio.
Since its founding in 2011, Mobiquity has established strong footholds serving Global 2000 clients in pharma and healthcare, retail, financial services, and travel and hospitality sectors, and increased revenues 600 percent over Mobiquity's first full year (2012). In addition to its services, Mobiquity has also spent the last year building out its product portfolio through the introduction of FanShots, a mobile "photo booth" for sporting arenas that lets fans capture and share images, and Velocity, customizable software for live meetings, events and training sessions, from its recent acquisition of Vertical Performance Partners.
"By focusing on strategy, user-centric design and integration -- and hiring some of the most talented visionaries in mobile -- Mobiquity has stormed into the enterprise mobility market delivering innovation and business value for our growing roster of clients," said Bill Seibel, Mobiquity founder, chairman, and chief executive officer. "Q1 2013 has been our best quarter to date, during which we expanded our footprint and development capabilities into Atlanta, New York and Gainesville, and grew our product portfolio. This new round of funding will allow us to continue to expand in line with surging client demand."
NewSpring Capital focuses on helping companies with established business models accelerate growth and realize their true potential. Mike DiPiano, managing general partner at NewSpring Capital, who now joins Mobiquity's board of directors, said: "There is huge demand as enterprises move from opportunistic mobile projects to strategic, transformative initiatives. Mobiquity is perfectly poised to deliver value as its approach uniquely unites vision and strategy with design and UX prowess, and fundamentally integrates mobile solutions with essential business processes and IT infrastructures."
About Mobiquity
Mobiquity is a leading professional services firm working with the Global 2000 to create engaging enterprise-class mobile solutions and apps that drive business value. Because mobile is in our DNA, clients benefit from how we expertly and effectively blend the three key disciplines that unleash the power and innovation of mobile computing: strategy, user-centered design and core technology. Since inception, we have worked with more than 140 companies, including CVS, Fidelity Investments, MetLife, the New York Post, Putnam Investments, The Boston Globe and Weight Watchers International, and we partner with SAP to help its customers develop and implement mobile strategies and applications that optimize enterprise solution investments. To learn more, visit www.mobiquityinc.com.
About NewSpring Capital
Founded in 1999, NewSpring Capital invests in dynamic companies with the goal of partnering with management teams to develop their businesses into market leaders. This philosophy has been a key tenet of NewSpring Capital's approach to investing, and the success of our current and former portfolio companies demonstrates our commitment to offer consistent advice and support through any economic cycle. NewSpring Capital has raised over $950 million of committed capital supporting more than 80 portfolio companies across our growth equity, control buyout and mezzanine debt funds. For more than a decade, our team of seasoned private equity investors and successful operators have partnered with management teams to provide them the financial resources, strategic guidance and a powerful network to assist them in achieving their goals. Our experience has enabled us to effectively stand by our companies as they launch new products, expand into new areas and ultimately realize their full potential. To learn more, visit http://www.newspringcapital.com/home.
About Longworth
Longworth Venture Partners, a Boston based venture firm, invests in early and seed stage Internet, digital media and software companies. Founded in 1999, Longworth leverages the deep operating experience of its principals and its market-driven research process to identify and help grow the leading companies of tomorrow. To learn more, please visit http://www.longworth.com/
About Sigma Partners
Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $1.5 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. Some of the market leading companies in which Sigma has invested include Atria, Aprimo, Acquia, Internet Security Systems, Initiate, m-Qube, Nasuni, Octane, Rethink Robotics, Storage Networks, Tradex, Vermeer, Vignette, and Vlingo. For more information, please visit www.sigmapartners.com.