MocoSpace Receives Funding
Mobile social networking site MocoSpace, said today that it had secured $3 million in Series A funding.
The funding was led by General Catalyst Partners of Cambridge, Massachusetts, with additional funding through Pilot Group and individual investor and former eBay excutive Michael Dearing. The funding will support the growth of MocoSpace’s mobile networking site.
"We are very excited to partner with the MocoSpace team. They have quickly built one of the most exciting sites on the mobile Internet in North America," said John Simon, partner, General Catalyst Partners.
"We believe MocoSpace will be a leader in the mobile community space, and we are pleased to support the growth of such a promising, forward-thinking enterprise."
The company says the funding is a reflection of the rapid growth of the mobile social networking market and the increase of mobile content users in the U.S. According to industry metrics there are more than 76 million mobile content subscribers in the U.S.
"We are dedicated to providing our MocoSpace members the best mobile experience possible," said Justin Siegel, co-founder and CEO of MocoSpace. "With the support of our investors, we are now in a position to deliver on our goals."