Handmark Raises $5-million Venture Funding
Handmark®, a global leader in mobile media, has closed a $5 million round of funding. Funds advised by Apax Partners co-led the investment with Borealis Ventures and Village Ventures and were joined by EU based Argnor Wireless Ventures. The company’s founding investors, including Hanna Ventures, also participated in this round of funding.
Alan Patricof, Co-Founder of Apax Partners said, “First I became a user of Pocket Express™, then I got to know the company that built it, and now we are an investor. Handmark Pocket Express provides a better way to consume essential information services on a handset. Handmark has packaged technology in a platform that does more than deliver content; it creates a compelling experience that I use everyday.” With the completion of this financing, Mr. Patricof has joined the Handmark board of directors. Matt Rightmire, former vice president and general manager of Yahoo, has also joined the Handmark board of directors representing Borealis.
The new funds will be used to expand Handmark marketing and development resources as the company launches its Pocket Express content publishing platform on more devices and in new markets in North America and Europe. Handmark Pocket Express is already deployed as a consumer application in the U.S.; the company also provides technology, content aggregation, and client/server management for carrier delivered consumer services based on Pocket Express.
According to Handmark CEO August Grasis, III, “This investment helps us accelerate growth, and Handmark gains significant advantages from the addition of Alan Patricof and Matt Rightmire to our board. We are delighted to have the backing and global resources of investors with our industry expertise and global resources to drive our expansion plans.”