Free apps provider Snaptu Raises Funds from Sequoia Capital
Snaptu, a provider of fast and free applications for mobile phones, received an unknown amount of funds from Sequoia Capital. This will enable the young company to advance its development efforts.
Snaptu, led by CEO Ran Makavy, develops free applications for accessing popular sites such as Facebook, Twitter, Picasa, weather and news updates. Snaptu, formerly known as Moblica, has two advantages.
First, it works not only on smartphones. While these phones are popular with the tech community and will gradually gain more market share, they aren’t accessible to everybody. Without a smartphone, you need some knowledge and a lot of patience to access such sites with the default browser of th non-smartphone.
And this is where the second advantage comes in: these applications not only make these sites accessible, but also fast. Also the impatient will get familiar with the applications rather fast.
Over 4 million downloads probably convinced the Gili Raanan and his colleagues at Sequoia Capital to back Snaptu. The sum of the investment is unknown, and so is the business model. The funds will probably go also for developing the monetization aspect.
Read more about Snaptu in The Wadi Index.
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Author: YohayElam
Yohay Elam is a problogger, with Forex Crunch being his primary site. Yohay belongs to the founding generation of Israeli political group blog Black Labor, a writer in the The Networking Blog and maintains his personal bi-lingual blog. Before becoming a problogger, Yohay worked as a programmer in various Israeli startups such as Metacafe.
2 Comments
2010-04-02
06:46:27
Free apps provider Snaptu Raises Funds from Sequoia Capital | by @yohay http://bit.ly/aDbom7 #israel @snaptu
This comment was originally posted on Twitter
2010-05-03
10:20:52
[...] out report about Sequoia’s decision to invest in Snaptu, we decided to check it out on a Nokia E71. The idea is great, and the design is awesome, yet there [...]
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