Slater Technology Fund Reinvests in MoFuse
Ocean State Firm Enables Businesses to Grow on the Mobile Web
Providence, RI, August 21, 2012 - The Slater Technology Fund announced today that it has provided a new round of expansion capital to mobile web content management firm MoFuse as part of a $525,000 round of funding that includes Beacon Angels, Angel Street Capital and Cherrystone Angel Group. This latest funding brings Slater’s total investment in the Warwick-based company to $580,000 and will enable MoFuse to expand the reach of its mobile web development solution for organizations of all sizes.
MoFuse’s mobile web content management platform already powers thousands of mobile websites around the world by making it possible for even the smallest businesses to afford and create a quality mobile web presence that drives foot traffic, generates leads, and builds customer loyalty. MoFuse has established relationships with a number of partners who connect thousands of smaller businesses to the MoFuse solution. Customers include Hearst, Post Media, United Business Media as well as Digital First Media.
Annette Tonti, MoFuse’s Chief Executive Officer, is a recognized entrepreneur who previously co-founded Bluestreak, Inc., a company specializing in rich media advertising and online marketing technologies. "We are pleased to receive renewed support from our investors with this latest round of capital," said Tonti. "MoFuse’s platform enables businesses of all sizes to connect with a growing mobile audience. Slater’s investment will ensure MoFuse grows in Rhode Island while identifying new ways to help companies create relationships in mobile channels."
"MoFuse continues to add customers at a steady clip, and as their capabilities have increased, large partners have started to turn to MoFuse, which increases that growth," said Thorne Sparkman, managing director of the Slater Technology Fund. "MoFuse bet early that the space between a consumer and their phone was some of the most valuable real estate around, and all of a sudden every company is realizing they need the tool set the company has developed. We’re excited to be a part of it."
About Slater Technology Fund
The Slater Technology Fund is an independently chartered, non-profit corporation that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, 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, visit www.slaterfund.com.
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