Jentro Technologies Secures $29 Million Venture Capital Investment
New Enterprise Associates (NEA) has invested $28 Million in Munich, Germany-based Jentro Technologies GmbH, a location-based mobile software and services company.
NEA led this Series A financing of $29 million. Proceeds from the financing will be used to accelerate Jentro’s rapid growth, increased sales and marketing efforts, and further collaboration on its technology partnerships with key industry players. As a result of this financing, Ravi Viswanathan and Paul Hsiao, NEA Partners, will join the Jentro Board of Directors.
“Jentro’s leadership position in Europe and its expertise in location-based and Internet-mobile content technologies are just two of the many attributes that attracted NEA,” said Ravi Viswanathan, NEA Partner and newly appointed Jentro board member. “People want real-time, location-based services and navigation capabilities from their phones, yet the choices are slim. Jentro fills the void with their proven technology and clearly has a bright future.”
Jentro offers key services and solutions to the mass market. They have partnered with strong consumer brands and enable them to offer real-time Internet services, local search, and user generated content with voice guided 3-D mobile navigation on mass market phones and connected Personal Navigation Devices (PNDs).
“NEA is a great partner for us,” said Jentro’s CEO, Hans-Hendrik Puvogel. ”Their expertise and extensive partner resources add significant value to our future. We’ve already achieved an industry first by combining 3-D dynamic traffic avoidance navigation on cell phones with real-time Internet services. We’re way ahead of the competition and look forward to working with the NEA team to maintain our lead.”
Jentro is an innovative and award-winning market leader in location-based mobile software and services. Jentro is a white label supplier of LBE Server platform and navigation solutions for the mass market, which are operated under and on behalf of third party brands. Jentro serves more than 600,000 customers in key European markets and has recently opened operations in North America. Jentro is privately owned and based in Munich, Germany.
For more information, please visit www.jentro.com