White-label cloud service provider Funambol has closed a new $5.75m funding round aimed at speeding its global expansion. The company's customers - notably mobile carriers and telcos but also device makers, service providers, portals and system integrators - are already deploying its OneMediaHub personal cloud repository to millions of their users. Funambol is aiming to use this latest cash injection, along with a working capital line, to further accelerate its rate of global growth.
Previous investors in the company Nexit Ventures, Castile Ventures and HIG Growth Capital all participated in this round.
Funambol is explicitly taking aim at what it describes as ‘siloed' cloud services - i.e. proprietary services which require users to be locked into other platform-specific hardware or software services to access them. It specifically name-checks Apple's iCloud, Google's Drive and Microsoft's SkyDrive services. By contrast, Funambol stresses its cloud offerings support multiple brands - thereby allowing users to avoid having to manage multiple cloud services. Device compatibility and flexibility are a given, thanks to Funambol's open source roots.
The growth in consumer adoption of cloud services - from email and storage to calendar and contacts syncing - is driving demand for cross-device flexibility, the company reckons. And it's this demand it's seeking to capitalise on to fuel its own growth - as the companies buying its services look for ways to attract and retain their own customers.
“Major global mobile providers are seeking a white-label personal cloud solution, and we are delighted to work with them to grow their customer acquisition and retention capabilities,” noted Amit Chawla, Funambol CEO, in a statement. “Our new financing is validation of this surging market demand. It will enable us to accelerate our role as the leader of white-label personal cloud solutions.”
“As we look at new investment opportunities, we are pleased that Funambol has signed major customers in a very short time span. Along with Nexit Ventures and Castile Ventures, we are increasing our investment in the company,” added Fred Sturgis, Managing Director, HIG Growth Capital, in a statement. “Mobile and personal clouds are one of the fastest growing segments in the industry.”