Kajeet snares $36.8M in funding

Venture capitalists haven’t completely abandoned mobile virtual network operators-at least, not if the MVNO is tween-focused kajeet Inc.
Kajeet announced today that it has raised $36.8 million in series B venture funding, with the round led by Draper Fisher Jurvetson Growth Fund and including existing investors Bessemer Venture Partners; Fidelity Ventures; Gabriel Venture Partners; and InterWest Partners.
Kajeet’s venture-capital success stands in contrast to the gloomy MVNO mood of late, with venture-backed Amp’d Mobile Inc. declaring bankruptcy earlier this year.
“We are excited about this market as a growth category in wireless, the validation and business momentum demonstrated by kajeet since launching their service, and the veteran team the company has assembled,” said Randy Glein, director of DFJ Growth Fund and the newest member of kajeet’s board of directors.
The pay-as-you-go, venture-backed MVNO was founded in 2003, and the newest round of funding will be used to help the company expand its wireless service offering.
“With the support of our investors, we will further strength our service offering and retail distribution,” said Daniel Neal, kajeet’s CEO and founder.