PocketGear Inc., a Durham, N.C.-based mobile app store and content marketplace, has raised $15 million in Series B funding. Trident Capital led the round, and was joined by BlackBerry Partners Fund. The company previously raised an undisclosed amount of VC funding from Noro-Moseley Partners and Wakefield Group, as part of its spinout from Motricity. It also acquired Handango, which had raised around $80 million.
PocketGear, Inc., the world’s largest open app store and content marketplace, today announced the closing of its $15 Million Series B funding, led by Trident Capital with participation from BlackBerry Partners Fund. PocketGear will use the funding to scale technical operations, build out its sales and marketing team and expand its global reach to capitalize on the growing mobile application market, which is forecasted to exceed $20 Billion by 2013 according to multiple industry analysts.
“The mobile application marketplace is exploding and we are very excited about the opportunity to use this funding to help our expanding network of service provider, OEM and media company partners efficiently bring new revenue generating services and devices to market more quickly and easily,” said Jud Bowman, President and CEO of PocketGear. “As we power more app stores for our partners, PocketGear provides an even more powerful distribution channel for our network of developers. Trident and BlackBerry Partners Fund all have deep experience and success in mobile and Internet services and, like us, believe that an open marketplace will deliver more value for all of the key stakeholders across the mobile value chain.”
PocketGear is the world’s largest cross platform, open app store and content marketplace with over 32,000 developer relationships and a catalog of more than 140,000 paid and free titles. PocketGear powers the mobile application and content storefronts for over 40 distribution partners around the globe.
“We are very excited to have the opportunity to invest in a company that is at the forefront of one of the most explosive markets in technology today,” said John Moragne, Senior Managing Director of Trident Capital. “PocketGear’s content agnostic approach allows them to go beyond feature phones and smartphones to support the rapidly growing number of Internet connected devices.”
“BlackBerry Partners Fund believes in a robust, open and accessible mobile application ecosystem, and PocketGear’s platform, developer relationships, huge catalog and quick time to market for new storefronts position them for rapid growth and market reach,” added Kevin Talbot, Co-Managing Partner of the BlackBerry Partners Fund.
With the investment, Mr. Moragne and Mr. Talbot join the PocketGear Board of Directors.
PocketGear is the world’s largest cross platform, open app store and content marketplace with a catalog of more than 140,000 paid and free titles and relationships with more than 32,000 developers. PocketGear powers storefront and content solutions for over 40 partners, including 4 of the world’s top 5 handset manufacturers, 3 of the top 5 mobile operators in the US, 3 of the top 10 mobile operators globally, and leading media and ecommerce companies, including Samsung, LG, Sony Ericsson, Research in Motion, Microsoft, T-Mobile, AT&T Wireless, and Verizon Wireless. PocketGear is headquartered in Durham, NC with offices in Munich, Germany and Irving, TX. For more information on PocketGear visit http://corp.pocketgear.com.
About Trident Capital
Trident Capital is one of the world’s leading venture capital and private equity firms with more than $1.8 billion of capital under management, including the recently closed Trident Capital Fund VII. The firm has made over 160 investments since inception in 1993. Trident has investment offices in Palo Alto, CA and Westport, CT. For more information on Trident Capital visit http://www.tridentcap.com.
About BlackBerry Partners Fund
BlackBerry Partners Fund is the leading independent venture capital firm focused exclusively on mobile computing. In collaboration with Research In Motion, along with Thomson Reuters and Royal Bank of Canada, the global fund brings unparalleled domain expertise to the partnerships it forms with exceptional entrepreneurs around the world. For more information on BlackBerry Partners Fund visit http://www.blackberrypartnersfund.com.