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Handmark Raises $5-million Venture Funding
Handmark, a global leader in mobile media, has closed a $5 million round of funding. The company creates and delivers consumer friendly access to news, reference, and infotainment content on cell phones and other wireless handhelds.
KANSAS CITY, MO — (12 September 2005) — Handmark®, a global leader in mobile media, has closed a $5 million round of funding. Funds advised by Apax Partners co-led the investment with Borealis Ventures and Village Ventures and were joined by EU based Argnor Wireless Ventures. The company’s founding investors, including Hanna Ventures, also participated in this round of funding.
Alan Patricof, Co-Founder of Apax Partners said, “First I became a user of Pocket Express™, then I got to know the company that built it, and now we are an investor. Handmark Pocket Express provides a better way to consume essential information services on a handset. Handmark has packaged technology in a platform that does more than deliver content; it creates a compelling experience that I use everyday.” With the completion of this financing, Mr. Patricof has joined the Handmark board of directors. Matt Rightmire, former vice president and general manager of Yahoo, has also joined the Handmark board of directors representing Borealis.
The new funds will be used to expand Handmark marketing and development resources as the company launches its Pocket Express content publishing platform on more devices and in new markets in North America and Europe. Handmark Pocket Express is already deployed as a consumer application in the U.S.; the company also provides technology, content aggregation, and client/server management for carrier delivered consumer services based on Pocket Express.
According to Handmark CEO August Grasis, III, “This investment helps us accelerate growth, and Handmark gains significant advantages from the addition of Alan Patricof and Matt Rightmire to our board. We are delighted to have the backing and global resources of investors with our industry expertise and global resources to drive our expansion plans.”
About Apax Partners, L.P.
Apax Partners is one of the world's leading private equity investment groups, operating across the United States, Europe and Israel. Apax Partners has raised or advised approximately $20 billion around the world. With more than 30 years of direct investing experience, Apax Partners' Funds provide long-term equity financing to build and strengthen world-class companies. It pursues a multi-stage equity investment strategy, investing in late venture, growth capital and buyouts.
Apax Partners' Funds invest in companies across its global sectors of Tech & Telecom, Retail & Consumer, Media, Healthcare and Financial & Business Services. Apax Partners' Funds investments include Audible, VoodooVox, Jamdat Mobile and NEP Broadcasting. For additional information, see: www.apax.com
About Borealis Ventures
Borealis Ventures is a seed and early-stage venture capital firm dedicated to working hands-on with entrepreneurs to build the next generation of great technology companies. Based in Northern New England, Borealis focuses on the application software and online consumer services sectors, as well as a broader array of opportunities from the Dartmouth College network.
About Argnor Wireless Ventures
Argnor Wireless Ventures provides development capital and strategic assistance to companies with great wireless data products and services at the early stage of their life cycle. Argnor was co-founded by Argo Global Capital Inc, a leading international venture firm focused on wireless innovation, and Northstream AB, a world leading strategy consulting firm focused on wireless communications.
About Village Ventures
Village Ventures is an early-stage venture capital firm investing in exceptional entrepreneurs building technology and life sciences companies in emerging US technology centers. Recognizing the potential of these markets, and with backing from leading global venture capital firms, Village Ventures has built a network of 13 Partner Funds (including Borealis Ventures) specifically focused on identifying the highest quality investment opportunities in these regions. For additional information, visit the website www.villageventures.com
The company’s flagship Handmark Pocket Express wireless service bundle offers consumer-friendly access to news, reference and infotainment content on cell phones as well as BlackBerry, Treo and Windows Mobile wireless handhelds. The company also holds key mobile content distribution patents including Java-based push technology for wireless devices; has technology and distribution relationships with CNN International, Reuters, Oxford University Press, Atari, Hasbro, and Zagat Survey as well as Sprint, Nextel, T-Mobile, Verizon, and others; and has an estimated 43 percent market share in mobile software titles sold through retail channels. Handmark has product development facilities in Gothenburg, Sweden; Kansas City, Missouri; and Dallas, Texas, with sales offices in Chicago, Kansas City, San Francisco, Stockholm, and London. For more information, visit www.handmark.com.
© 2005 Handmark, Inc.; Handmark is a registered trademark, Pocket Express, tools & toys for a mobile generation, the Handmark logo, and associated trade dress are trademarks of Handmark, Inc. All rights reserved. All other trademarks and/or registered trademarks are the property of their respective owners.
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Apax Media Contact:
212 419 2461
445 Park Ave.
New York, NY 10022