Austin Mobile Apps Firm Phunware Nets $26M for Expansion
Phunware, which develops mobile apps for multinational corporations, has raised $26.2 million in a Series E financing round.
The Austin, TX-based company said in a press release yesterday that it expects to close on an additional amount in the next 60 days to bring the total funding to $30 million. At that point, the five-year-old company will have raised $43 million.
Phunware’s customers include NASCAR, Jawbone, E! Entertainment, ESPN, and Qualcomm (NASDAQ: QCOM), each of which uses what the company calls its “Mobile as a Service” platform that allows companies to interact with consumers in more than 190 countries and in 10-plus languages. In 2013, the company had $22 million in revenue.
“We continue to have a very ambitious vision for Phunware—to enable our customers to engage, manage and monetize every connected device on Earth,” Alan Knitowski, the company’s CEO and co-founder, said in the release.
The money will go towards expanding the company’s platform and its geographic reach. “Fifty billion devices will mean 50 billion opportunities,” he added. “And we intend to touch them all.”
This round included current investors such as Fraser McCombs Ventures, Maxima Ventures, Wild Basin Investment, and the Central Texas Angel Network, as well as new strategic investors such as Cisco and WWE (NYSE: WWE).