JumpTap Captures $21M in Funding for Mobile Search

From: JumpTap, Inc.
Published: Wed Dec 07 2005

JumpTap, Inc., a pioneer in the development of innovative, carrier-centric mobile search technology, today announced that it has received $21 million in funding. New investor Redpoint Ventures joins existing investors General Catalyst Partners (which founded JumpTap and provided the company's seed financing) and BCE Capital. Already live with its first North American carrier with greater than five million subscribers, JumpTap will use the funding to support its global rollout and product development, increase staff, and expand sales and marketing efforts.

Since its founding by General Catalyst Partners in 2004, JumpTap has emerged as a leader in the burgeoning mobile search market. The company provides wireless carriers with a white-label mobile search solution that helps carriers capture significant new revenue streams from third parties, such as advertisers and content providers. The JumpTap mobile search solution lets subscribers quickly find information that is relevant to their mobile lives, from carrier-approved content, to out-of-garden content, and any other type of information for which customers might search. Most importantly, JumpTap's solution enables carriers to capture advertising revenue from user-selected sponsored links. The JumpTap search solution includes a pure-mobile user interface, mobile-specific search engine, and keyword sales program.

"The rapid advancements being made in the mobile phone industry provide JumpTap with a tremendous opportunity to assist wireless carriers in capturing new advertising revenue that has until now been untapped," said John Simon, managing director, General Catalyst Partners. "JumpTap's leadership team, together with the company's end-to-end approach to mobile search and our strong commitment to the company's long-term success, positions JumpTap well in the mobile search market."

"Mobile search promises to transform the way the world's nearly two billion wireless subscribers use their handsets to search for information and purchase goods and services. Advertising to these subscribers as they conduct mobile searches opens an unprecedented new revenue opportunity for carriers." said Jeff Brody, managing director at Redpoint Ventures. "JumpTap's management team brings a wealth of experience from the carrier, search and mobile markets. We analyzed multiple companies in the category, and JumpTap was the clear leader. With its end-to-end approach to mobile search and the support for growth as part of our portfolio, JumpTap is well-positioned to capture a significant share of the mobile search market."

"We are very pleased to become part of Redpoint Ventures' portfolio of partners," commented Dan Olschwang, JumpTap's chief executive officer. "With this investment, we believe the venture capital community has identified mobile search as a significant value creation opportunity for mobile carriers. JumpTap was founded by General Catalyst Partners to help wireless carriers enter media and advertising markets via the power of mobile search. General Catalyst Partners, Redpoint Ventures and BCE Capital have validated our technology and our strategy for success in the mobile search market."

JumpTap was represented in this transaction by Goodwin Procter LLP attorneys Bill Schnoor, Janet Dunlap, and Joe Ramadei.

About JumpTap, Inc.
Founded in 2004, JumpTap, Inc. provides wireless carriers with an end-to-end, carrier-branded mobile search solution that drives third-party revenue for mobile operators while providing a quick, easy and fun mobile search experience for subscribers. JumpTap's comprehensive solution couples an intuitive user interface and mobile-specific search engine with a search marketing model that pays carriers for search success. JumpTap provides carriers, advertisers and subscribers with the industry's most complete, easy-to-use and rewarding mobile search environment. For more information on JumpTap, please visit: http://www.jumptap.com.

About Redpoint Venture Partners
Redpoint Ventures was founded in 1999 by top partners each from Brentwood Venture Capital and Institutional Venture Partners (IVP), two leading venture firms. With more than a combined 100 years of operational, industry and venture capital experience, Redpoint looks at technology investing from the perspective of supporting the entire process of early-stage company development. Redpoint's investments focus primarily in four areas: mobile wireless platforms and applications, consumer Internet services and platforms, enabling technologies for the digital home, and systems and software for the enterprise infrastructure. For more information, please visit: www.redpoint.com.

About General Catalyst Partners
General Catalyst Partners is a private equity firm that invests in exceptional entrepreneurs and technical founders who are building the software solution and technology platform companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst is headquartered in Cambridge, Mass. For more information, please visit: http://www.generalcatalyst.com.

About BCE Capital
BCE Capital is a leading Canadian venture capital firm. Founded in 1987 with offices in Toronto, Ottawa and Boston, the firm has built a track record of investing in and developing some of the most successful emerging growth communications and information technology companies in North America. BCE Capital has backed over 40 management teams, and has seen several of them through IPOs and acquisitions. Currently, the firm is investing in Fund IV, a US$200 million fund focusing on early-stage communications and IT companies. For more information, visit www.bcecapital.com
Company: JumpTap, Inc.
Contact Name: Peter Gorman
Contact Email: pgorman@topazpartners.com
Contact Phone: 781-388-7900, ext.230

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