Top > Business > 2005 > July > 2005-07-15

Qmobile announces subscriber growth

Qmobile Inc., a leading service provider in the emerging mobile digital media industry announced that it has closed a $5 million Series B round of funding and grown to support over 350,000 subscribers.

The Grosvenor Funds led the $5 million Series B investment. The funds will be used to further expand the team, to invest in marketing and business development activities, and to support the company`s working capital needs. Previous investors Draper Fisher Jurvetson (DFJ) and Draper Atlantic also participated in the round. DFJ and Draper Atlantic co-led Qmobile`s Series A round in May 2004.

"We are excited to be part of the Qmobile success story, and we look forward to working with management to continue growing the company," said C. Bowdoin Train, Managing Partner at The Grosvenor Funds and a member of Qmobile`s board of directors. "The digital media industry is exploding and Qmobile`s unique business model positions it to remain one of a small handful of leaders in the mobile content and entertainment space."

In the nine months since it launched its commercial ringtone and wallpaper download service, Qmobile has delivered content to almost one million mobile phone users across the US, and now has over 350,000 monthly subscribers. The company currently offers downloadable ringtones, wallpaper images and games. It also runs a SMS chat service, and additional services are under development. Qmobile also supports over 200 affiliates who use the Qmobile platform to sell mobile ringtones, wallpaper and other content.