News & Events
SNAPin Software Secures Series C Financing, Accelerating its Leadership in Handset Based Self-Service
Oak Investment Partners Leads $13 Million Investment
Bellevue, WA, February 7 2006 – SNAPin Software™, the first company to deliver self-service software for mobile phones, today announced that it has closed a $13 million Series C round of venture financing, bringing the company's total funds raised to $18 million. Oak Investment Partners led the round, joined by Frazier Technology Ventures and Hunt Ventures. Tom Huseby, SNAPin chairman and managing partner at SeaPoint Ventures, will continue to represent Oak's seat on the SNAPin board of directors. SNAPin will use the funds to support the commercial deployment of its products with mobile operators worldwide.
This investment marks a year of noteworthy achievements for the company, including the release of its category defining SelfService product suite, and the completion of several commercial field trials with leading European mobile operators. The SNAPin SelfService product suite includes four over-the-air updatable products that let operators deliver their own branded self-service experience to their subscribers, generating incremental revenue and dramatically reducing the cost of providing customer support.
“The pace of innovation in wireless telecoms has been breathtaking, although for many end-users the new services have been too difficult to set-up and use, and for operators they have been too costly to support.” said David Walrod, general partner, Oak Investment Partners. “Just as the cash machine fundamentally changed retail banking by giving consumers a faster and easier way to manage their accounts, SNAPin's category-defining products are providing a similar sea-change for mobile networks.”
“We are very fortunate to have the backing and support of such an experienced group of investors, and we are delighted that Oak has continued with us to lead the Series C round,” said Bob Lewis, president and CEO of SNAPin Software. “Both our investors and customers have recognized the potential of our SelfService product suite and it's not hard to see why – our software intercepts and resolves three out of four calls to customer support right on the device, delivering not only dramatic savings for mobile operators, but also an improved service experience for their subscribers.”
About Oak Investment Partners
Established in 1978, Oak Investment Partners is a venture capital firm with a strong track record as a stage-independent investor. To date, Oak has funded more than 350 companies with aggregate annual revenues in excess of $60 billion. Oak's investment strategy focuses on growth opportunities in enterprise application and infrastructure software, communications equipment and services, data storage, semiconductors, outsourced services, financial services technology, and healthcare services.
About SNAPin Software
SNAPin develops self-service software for mobile phones. The SNAPin SelfServiceSM product suite lets operators deliver their own branded service experience to their subscribers, generating incremental revenue and dramatically reducing the costs of providing customer support. SNAPin products support all mobile phones and networks. For more information, visit www.snapin.com.
Media & PR contact:
Alani Kalfayan
Communique PR
+1 206.282.4923 ext.118
Alani@communiquepr.com
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