DURHAM, N.C.-Motricity is looking to expand its content business after raking in $40 million in venture capital.
Advanced Equities Inc. led Motricity’s most recent round; fellow existing investors New Enterprise Associates and Technology Crossover Ventures also participated. Motricity has raised more than $120 million since it was founded in 2001. The company recently has notched agreements with customers including Alltel Corp., Virgin Mobile USA L.L.C., Sony Ericsson Mobile Communications L.P. and BET.
Chief Executive Officer Ryan Wuerch said the cash will be used to market the company’s Fuel 5 platform, designed to allow carriers and third parties to monetize mobile content quickly and efficiently.
