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May 12, 2009

Investment Group, the Foundry Leads $4 Million in Series A Funding for Medialets

Filed under: Venture Capital News — admin @ 1:34 pm

Based in New York, Medialets announced that it had received $4 million in series A funding with the Foundry Group leading the investment and existing investors participating. Medialets’ existing investors include DFJ Gotham and Bobby Yazdani, who was an early investor in Google. Medialets is basically a rich media and analytics platform for mobile applications, especially for Apple’s iPhone. Medialets collaborates with other companies and large name brands to create and develop innovative ad campaigns that can seamlessly work together with all the apps in the iPhone. Medialets is a privately held company with offices in its New York base and in San Francisco, California and was founded in 2008.

According to Eric Litman, Chairman and CEO of Medialets, the company entered a market where new applications for mobile devices are constantly growing in popularity and with its rich media advertising platform, Medialets seems to be doing well in this market. The team at Medialets takes great pride in providing the tools to major companies who develop these mobile applications. Since its founding a year ago, Medialets has already developed over 1,000 partnerships with software developers who create mobile applications. With the proceeds of this round of funding, Medialets is able to significantly enhance its platform and grow a more competitive edge in the market and increase its market share. Mr. Litman further stated that Medialets has accomplished quite a bit in a rather short period of time.

The founders of Medialets launched their company exactly the same day as Apple launched its Apps Store for its iPhone and iPod Touch devices. Since its founding, Medialets has been working together with large apps companies, like Apple’s Apps Store. The apps developers rely on Medialets’ technologies, such as Medialytics; which is a software that can be used as business intel which can help these app developers to make decisive business and market decisions in the development of their apps.

According to Seth Levine, partner at the Foundry Group, even though the mobile apps is a young sector in the mobile telecommunications industry, the Foundry Group feels certain that Medialets has a good foothold in this market.

The Foundry Group is a vc firm that is mainly devoted to early stage companies in the IT, internet, and software industries. Besides providing the venture capital that a startup needs to get off the ground, the Foundry Group also devoted to leverage their experience to help these startups stay afloat. The vc firm is based in Boulder, Colorado and invests mainly in US companies.

DFJ Gotham was founded in 2000 and mainly invests in companies in New York Metropolitan Area and on the East Coast of the United States. The vc firm mainly focuses its investments on early stage companies in the tech industry. DFJ Gotham has since its inception invested in over 20 companies that cover all sectors of the tech industry.

Bobby Yazdani founded Saba in 1997 and currently serves as Saba’s CEO. Based in Redwood Shores, California, Saba has accumulated over $100 million in profitable revenues and is one of the major companies dealing in strategic human capital management worldwide.

For more information on Medialets, click here.

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