Thursday, August 13, 2009

WeFi gets round B investment - moving forward fast

Well, it's no secret - WeFi secured a new investment round from top-tier Venture Capital firms Lighspeed and Pitango, who believe WeFi is well on the way to led the world of mobile Intenret over Wi-Fi.

We got some great coverage on the investment from TechCrunch and many more blogs and websites.

Here is the full announcement text:

WeFi Secures Round B Funding To Expand R&D, Marketing, and Business Partnerships

Lightspeed Venture Partners and Pitango Venture Capital led the funding round for WeFi, which has reached 30 Million Wi-Fi hotspots in its global database

Delaware, USA – August 04, 2009: WeFi Inc. (www.wefi.com), creator of the world’s largest community-based global Wi-Fi network, announced today that it has secured an undisclosed amount of second round funding. The funding round was led by venture capital firms Lightspeed Venture Partners and Pitango Venture Capital. The funding will support WeFi’s business and financial needs, and is being allocated toward expanding development, marketing efforts, and strengthening strategic business partnerships.

The financing round continues an eventful year thus far for WeFi, which has announced a number of new launches over the last few months, including a version of its software for the Google Android mobile operating system, an integration with mobile VoIP provider fring, the launch of WeROK - a mobile entertainment and communications portal powered by WeFi’s community-generated Wi-Fi network, and the opening of WeFiApps, a Wi-Fi powered application store for data-intensive mobile applications.

After having established itself as a leader in bringing open Wi-Fi hotspots to people around the world, WeFi has in the past year significantly penetrated the mobile market as well, making finding and connecting to a Wi-Fi hotspot easy for mobile users. WeFi automatically connects the user to the best connection available, as opposed to the tedious, multi-step process that previously existed. WeFi always seeks to connect users to Wi-Fi access points where Internet access has already been verified by other WeFi-enabled devices – dubbed “community-verified spots” - in a growing network of 30 million access points recorded. In addition, WeFi recently released its first generation of carrier-grade solutions for offloading mobile Internet traffic from congested 3G and 4G networks onto Wi-Fi access points.

WeFi was established in February 2006. The company is incorporated in Delaware, U.S. with R&D facilities in Israel.

Barry Eggers, Managing Director at Lightspeed Venture Partners, commented: “We are thrilled to lead this round of funding together with Pitango and invest in an outstanding company such as WeFi, with whom we’ve had a close relationship the last 3 years. With the current sharp increase in mobile Internet use, a trend that is expected to continue over the next few years, increased Wi-Fi availability is instrumental in unleashing mobile Internet applications and services. It is clear to us that WeFi is well positioned to become a true global industry leader.”

”Using its innovative technology, WeFi is the only company today, that has a solution for consumers, handset manufacturers, wireless applications and carriers to use mobile Internet, faster, easier and everywhere,” said Rami Kalish, Managing General Partner & Co-Founder, Pitango Venture Capital

“We are delighted to keep working with top tier investment partners like Lightspeed and Pitango,” said Zur Feldman, CEO of WeFi. “With our rapidly growing number of users, and our ever expanding database of Wi-Fi access points record around the world, WeFi is providing the fastest, easiest and most reliable mobile Internet experience available. The new capital will help WeFi expand its technology reach to additional platforms, to accelerate sales and marketing worldwide, to support new partnerships, and to continue to spread our innovative technology. These funds will support the company’s growth over the next couple of years," added Feldman.

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