MoFuse Mobile Network Secures Funding
Year-Old Company Already Has Nearly 12,000 Blogs in Portfolio
Providence, RI – August 21, 2008 — MoFuse, which gives bloggers and other content publishers the ability to publish their content to the mobile web seamlessly, announced today that it secured its first round of seed capital. The Slater Technology Fund, a Rhode Island-based early-stage fund that is backed by the State of Rhode Island, provided the capital. The companies disclosed no further terms.
Founded in August 2007, MoFuse (short for Mobile Fusion) released its first technology product privately less than two months later and opened it to the public on November 1. The intuitive ease of its platform, which enables anyone to create a mobile website in just a few minutes, has propelled the growth of the MoFuse Network. MoFuse closed 2007 with 2,200 mobile sites in its network, and that number has surged to nearly 12,000 sites today, making it the fastest-growing mobile site publishing network in the world.
"The more we consume the web through our mobile devices, the more impetus there will be toward MoFuse’s growth," said Thorne Sparkman, Managing Director of the Slater Technology Fund. "And while it assembles a burgeoning network of sites, MoFuse is building a talent and experience base that will be tough to overtake. Presentation is just the first in a series of hurdles that the blogosphere will need to surmount. We see this as a tremendous opportunity to enable a large, global publishing population to integrate with the mobile channel."
MoFuse’s impressive growth has accelerated on numerous levels. Since January 2008, the company has increased its site portfolio by 240 percent and the number of page views by more than 935 percent. The MoFuse Network, which includes many notable blogs such as: Mashable, ReadWriteWeb, PoliticalWire, HarvardBusiness and Doc Searls, realizes more than one million page views per month and is growing more than 25% every month.
"We’re thrilled at this validating investment by the Slater Technology Fund and we look forward to utilizing it toward continuing our growth," said Annette Tonti, MoFuse’s CEO. "The wide adoption of our platform has necessitated more hires and of course, more investment. So we’re especially gratified that ie’s from such an important, local partner."
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in new businesses committed to building and basing in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, please visit: www.slaterfund.com.
About MoFuse, Inc.
MoFuse is the fastest growing network of mobile blogs worldwide. Short for Mobile Fusion, MoFuse provides a platform that enables bloggers and any other web publisher to provide a compelling mobile experience on any mobile device. They provide the publisher with analytics about mobile viewership and tools to promote their site. MoFuse is at the vanguard of integrating the mobile web with the PC version of thousands of blogs by offering a number of integrative features such as social bookmarking and commenting. The company provides a revenue path for bloggers wanting to enter the mobile channel by partnering with advertisers and ad networks. Founded in 2007, MoFuse is located in Providence, Rhode Island.
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