New Investors include The Grosvenor Funds, Council Ventures, and Tim Draper
Atlanta, Georgia (July 14, 2003) - Atlanta-based AppForge, Inc., provider of
products and services for the mobile and wireless industry, has closed an
$8.3
million Series B round of financing.
AppForge's line of products and services enable businesses to quickly
develop,
market and distribute cross-platform mobile and wireless applications.
AppForge
maintains extensive relationships with major device manufacturers, leading
system
integrators, and key technology vendors to ensure that AppForge is providing
the best solutions for its customers.
This new investment will enable AppForge to enhance the MobileVB product
line,
introduce support for Microsoft's .NET platform and other languages, and add
support for the growing number of mobile and wireless devices and operating
systems.
The funds will also aid in the expansion of sales, marketing, and business
development
efforts domestically and internationally.
"We are very pleased with the investment and value the experience and
knowledge
that our new investors bring to AppForge," said Doug Armstrong, President
and
CEO of AppForge. "We will continue to work closely with carriers, device
manufacturers,
and developers to provide the best products and services for the mobile and
wireless
industry."
AppForge's success in the mobile and wireless industry has not been missed
by
the investment community, as exemplified by the caliber of investors
participating
in this round of funding. Leading the Series B round is The Grosvenor
Funds.
Other new investors include Council Ventures, The Warren Group, and Tim
Draper,
a Managing Director of Draper Fisher Jurvetson. Series A investors who are
participating
in the Series B round include Draper Atlantic, C&B Capital, and Sinclair
Ventures.
"We have been following AppForge for some time now," said Bowdoin Train,
managing
partner at Grosvenor Funds. "In an industry that has gone through tremendous
turmoil over the last few years, AppForge has managed to grow its core
business,
add new revenue sources, and develop new strategic partnerships. We are
looking
forward to working with them."
"The Appforge product set offers much-needed solutions to wireless
application
developers, manufacturers of smart phones and PDAs, wireless carriers and
consumers
alike," said John Backus, a managing director at Draper Atlantic. "Their
success
in satisfying these very different and demanding customers led to an
oversubscribed
round of financing with which we are quite pleased."
About AppForge
AppForge's line of products and services enable businesses to quickly
develop,
market and distribute cross-platform mobile and wireless applications across
market segments. AppForge's flagship product, MobileVB, provides Visual
Studio
developers the ability to write applications for more than 90% of the
world's
leading mobile and wireless devices including Palm OS, Pocket PC and Symbian
devices. More than 80,000 developers are using AppForge MobileVB to develop
applications
that are in use on more than three million mobile and wireless devices
worldwide.
For more information on AppForge, visit the company's Web site at
,
phone (678) 686-9000, or e-mail info@AppForge.com
About Grosvenor
The Grosvenor Funds is an early stage venture capital firm. Founded in 1994,
the firm manages four venture capital funds, which have invested in 44
private
companies. The Grosvenor Funds invests primarily in telecommunications
equipment
and technologies, Internet infrastructure and drug development/genomics
companies.
Headquartered in Washington, DC, the company also has offices in Greenwich,
Connecticut
and San Francisco, California. For more information, please visit
www.grosvenorfund.com
or call 202-861-5650.
About Council Ventures
Council Ventures is a venture capital firm founded in July 2000 and
headquartered
in Nashville, TN. In working towards its mission of creating great returns,
Council
Ventures and the Council Ventures' CEO Council provide a balanced mix of
traditional
venture capital experience needed to analyze opportunities and structure
deals
and, with the Council Ventures CEO Council, senior executive operating
experience
needed to help portfolio companies to grow. For more information, visit
http://www.councilventures.com
