BURLINGAME, Calif., July 19, 2006 (PRIMEZONE) -- Limbo 41414, the mobile entertainment pioneer, announced today that it secured the second round of venture capital financing from Azure Capital Partners and Draper Fisher Jurvetson. The funding brings a total of $9 million to the company as it continues to deliver entertainment to cell phone users throughout North America.
"Attracting significant funding from world-class venture capital firms affirms Limbo 41414's growing market opportunity," said Jonathon Linner, CEO of Limbo 41414. "This funding will allow Limbo 41414 to continue to aggressively market our current services and to support our ongoing product development where we can continue to introduce fresh, new, fun products to our member community."
"Limbo 41414 offers a compelling opportunity for traditional businesses to tap into the more than 230 million cell phone users in the United States and Canada," said John Fisher, managing director of Draper Fisher Jurvetson, the venture capital firm that helped bring Hotmail and Skype to the mass market. "We look forward to helping Limbo 41414 launch new products and services to expand their leadership position."
"We believe Limbo 41414 is defining a completely new sector of mobile entertainment," said Cameron Lester, a general partner of Azure Capital Partners. "Americans are quickly adopting SMS not only as a means to communicate, but as a means of entertainment. Limbo 41414 has found a unique and fun way to meld the two into an excellent revenue-generating proposition."
Limbo 41414 is headquartered in Burlingame, California.
About Limbo 41414
Limbo 41414 (www.41414.com) is defining a new category of mobile entertainment with its text-message-based game play. Limbo 41414 brings consumers an engaging community-driven experience, while delivering exposure to leading brands and media companies through branded prizes.
Limbo 41414 is a private company that reunites a proven entrepreneurial team: Rob Lawson, Jonathon Linner and Juho-Pekka Virolainen. The company currently employs 32 people.
The company's premier product is the Limbo "Auction" -- an engaging, cell phone-driven text messaging game that integrates the components of both a sweepstakes and an auction. A Limbo Auction is distinct from any mobile text messaging experience in that it is a truly interactive game where the winner is the person making the lowest bid that no other player makes, not the highest bid. It encourages players to develop and employ bidding strategies and to stay highly engaged during each round as they receive comments and tips regarding their bids (e.g., "you're the lowest unique bid," "your bid is unique but not the lowest," etc.).
Since launching in December 2005, Limbo 41414 has run more than 130 auctions, with winning bids totaling less than $600. Mobile users simply text 'PLAY' to 41414 and choose which auction to bid on. You can also play online at www.41414.com or from your home phone.
The Limbo 41414 logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2744
About Azure Capital Partners
Azure Capital Partners (www.azurecap.com) is a venture capital firm with over $500 million under management, headquartered in San Francisco, California. The firm's goal is to identify, invest in and help build earlier stage information technology companies that are at the forefront of a transformative opportunity for growth. Azure's partners have a long track record of identifying and helping to build some of the industry's most successful technology companies. The Azure team is recognized for industry thought leadership and a unique professional investment approach to venture investing. Proven methodology and primary research enable Azure to identify young companies in attractive markets whose business models provide sustainable competitive advantage.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson (www.dfj.com) is the only venture capital firm with global presence through a network of affiliated funds, with offices in more than 30 cities around the world and approximately $4 billion in capital commitments. DFJ's mission is to identify, provide capital for, and serve extraordinary entrepreneurs anywhere who want to change the world. Over the past 20 years, DFJ has been proud to back approximately 300 companies across a myriad of sectors including such industry changing catalysts as Hotmail (acquired by MFST), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by YHOO), Parametric (PMTC) and Digidesign (acquired by AVID).