Provider of the open-source Mobile 2.0 messaging software, Funambol, today announced that it has secured $12.5 million in Series B funding. Nexit Ventures led the round, while Castile Ventures participated as a new investor and was joined by existing investors, Walden International and HIG Ventures.
The new financing brings Funambol’s total funding to $25 million. The company will use the proceeds for continued growth in the push email market, to advance product R&D and to accelerate global expansion, particularly in Europe and Asia. Nexit partner, Michel Wendell, joins Funambol’s board of directors and Castile general partner, Carl Stjernfeldt, joins the board as an observer.
Funambol will use the new funds to “add geographic support in global markets where we see significant demand for mass market open source push email.”