Fonemine Increases Its Momentum With $4.5 Million in Series B Funding, New Customers and Additions to Leadership Team
SUNNYVALE, Calif., April 2, 2014-- News Summary:
•Fonemine today announced $4.5 million in Series B financing led by Michigan eLab. The company will use the funds to continue its expansion into new markets and make further investments in product development.
•The enterprise mobility software company has strengthened its leadership team with two new hires. Fonemine appointed high-tech sales veteran Joseph Coglitore as Vice President of North America Sales and prominent technology marketing professional Mark Bloom as Senior Director of Product Marketing and Management.
•Fonemine has added prominent F100 production customers to its roster including Cisco, Fujitsu, and Brocade.
Fonemine, a leading provider of Cloud-based Enterprise Mobile Application Solutions, today announced that it has closed a $4.5 million Series B round of financing. The round was led by Michigan eLab, an Ann Arbor-based venture capital firm that specializes in investments in early-stage information-technology companies.
The latest financing will primarily be used to execute on an accelerated growth strategy that includes the expansion of the company's sales, business development and marketing efforts. In addition, the new investment will be used to extend the capabilities of Fonemine's flagship MobileForce products to address the evolving customer requirements. To date, Fonemine has raised $11.3 million, including its current financing, Series A and seed funding rounds.
"Enterprise Mobility, Cloud Computing and Analytics are three disruptive trends that are coming together to allow businesses to extend their reach and relationships to customers, partners and employees," said Rick Bolander, General Partner at Michigan eLab. "MobileForce by Fonemine is a disruptive business solution that enables these new business paradigms -- blazingly fast, across any device, with zero coding. It is impressive how quickly customers have deployed the solution reaping benefits within weeks, rather than years."
Driven by escalating demand for a comprehensive, scalable and secure mobility solution that could rapidly and cost-effectively connect to enterprise systems, the number of Fonemine clients has increased significantly in the last year. Enterprises are adopting Fonemine's cloud-based MobileForce technology to make critical business information available to the mobile workforce anywhere, anytime and across any device. Multiple Fortune 500 companies in diverse industries have successfully deployed Fonemine's MobileForce solutions to increase productivity of their sales and service teams, drive operational efficiencies and lower costs. Most recently, Fonemine added Cisco, Fujitsu, Brocade, Estes, VCE and Hillwood to its client roster, joining many other notable F500 enterprises.
"We are committed to helping our field sales and partners make their sales process more efficient, reduce sales cycles and drive higher levels of productivity," said Vahid Razavi, CEO of BizCloud®. "The native mobile app provides our sales team a one-stop 'unified' interface to everything needed to present, market, and sell our products and solutions portfolio. We selected Fonemine because the service was flexible, easy to deploy, requires no coding, and will scale quickly and cost effectively as our business continues to grow."
In response to rapid growth and strong customer momentum, Fonemine has expanded its leadership team with the addition of two top executives. Industry veteran Joseph Coglitore has been appointed to the position of VP of North America Sales where he will be responsible for creating and implementing strategies to drive sales and market share. Mr. Coglitore brings a depth of sales experience to the role, having worked in high-tech sales for over 23 years in companies such as CSC, Trend Micro, Cisco, Exodus Communication and Good Technologies.
Fonemine is also announcing the hire of Mark Bloom as Sr. Director of Product Marketing and Management. With more than 15 years of leadership experience in sales, marketing and business development, in a variety of financial service and high-technology industries, Mr. Bloom is ideally suited to drive Fonemine's marketing and product development initiatives and to ensure consistent product superiority in both domestic as well as international markets.
"Joe and Mark both bring strong leadership and a wealth of enterprise experience to their new roles at Fonemine," said Jagadish Bandhole, CEO of Fonemine. "They will help guide our company's efforts to mature and grow over the years ahead."
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Fonemine is a privately held Enterprise Mobility Software company based in Silicon Valley. Fonemine's MobileForce solution enables Enterprise sales, service, channel partners and end-customers to access key enterprise data through unified mobile apps that run on iOS, Android, Blackberry and HTML5 platforms. MobileForce native apps are cloud-driven, secure and role-based with touch-optimized UI, rich interactions and device personalization enabling their users to find the "right information at the right time" anytime, anywhere. Through saved time, ease of access and seamless integration across different enterprise apps in the workflow within a unified app interface, MobileForce apps optimize the sales & service cycles, increase efficiency, engage more customers and drive tremendous gains in user productivity. For more information, please visit www.fonemine.com
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