SOURCE: Snaptu

Snaptu

June 22, 2010 09:54 ET

Snaptu Reaches 10 Million Users, Announces $6M Series B Funding

Funding Led by Carmel Ventures, With Participation by Sequoia Capital

SAN FRANCISCO, CA--(Marketwire - June 22, 2010) -  Snaptu, the breakthrough mobile service that brings a smartphone-like experience to any phone, announced today it has reached 10 million users.

The company also announced today it has secured $6M funding in B round lead by Carmel Ventures, one of Israel's premier venture capital firms. Rina Shainski, General Partner of Carmel Ventures will join the Snaptu board. Sequoia Capital, which led the previous round, also participated in this round of funding.

Snaptu has changed the way people with regular phones use the mobile web by bringing an easy to use, fast and powerful service that combines the most popular social networking services, news, sports, weather and web tools together in one environment.

"Reaching the 10 million mark shows the appetite from people with regular phones to have the same experiences and access to services that the relatively few people with the top-end phones enjoy. This is a very exciting time for us as we continue to roll out simple to use, high quality services that are accessible by everyone. We are delighted to have Carmel Ventures recognize the value of our vision and to join Sequoia Capital as stakeholders in our business," said Ran Makavy, Snaptu CEO.

"Snaptu is addressing the under-served large majority of mobile users world-wide by proving that a superior user experience is possible on any data-capable mobile device," said Rina Shainski, a General Partner at Carmel Ventures. "Snaptu has experienced exponential viral growth since it launched. By bringing high quality, simple to use services to all mobile users, Snaptu is changing the face of the mobile web and we are delighted to back them in this mission."

About Snaptu

Snaptu changes the way the world uses the mobile web, bringing millions of people online via their mobile phone for the first time. It is focused on bringing useful, intuitive mobile services to the 95% of mobile users who do not have advanced smartphones.

Best known for its breakthrough mobile app, also called Snaptu, the company has a unique mobile platform that delivers fast, fun and effective services that work on virtually every mobile phone.

Snaptu was established in 2007 and has millions of users all over the world. It is backed by Sequoia Capital and Carmel Ventures. For more information please visit www.snaptu.com.

About Carmel Ventures

With over $600 million currently under management, several successful exits, and a growing portfolio of promising start-ups, Carmel is among Israel's top-tier venture capital funds. Carmel's investments are focused primarily on early stage companies in the fields of Software, Communications, Moblity, Internet, Media, Semiconductors, and Consumer Electronics.

Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel provides significant capital and active, hands-on support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. Carmel, headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources.

Carmel is an affiliate of the Viola Group, a leading innovative private equity investment group with $2B under management focused on technology-based investment opportunities in Israel.