RESTON, Va.-Qmobile Inc. snared $5 million in a Series B round of financing, the content provider and mobile marketing company said Monday.
The Grosvenor Funds led the round, with previous investors Draper Fisher Jurvetson and Draper Atlantic also participating. Qmobile, which offers downloadable content and operates a text message-based chat service, said it will use the capital to expand its operations and invest in marketing and business development activities.
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“Our results have exceeded our expectations,” said Leon Yohai, Qmobile’s founder and chief executive officer. “As an early mover in the mobile digital media industry, we are well positioned to continue our growth as the market matures and as our target demographic expands beyond teenagers and young adults.”