Austin mobile app maker Phunware raises $30 million for growth

Mar 19, 2014
Austin American Statesman

Phunware, which develops mobile apps for major entertainment, sports and media firms, said Tuesday it has raised $30 million to continue expanding its business


Firsthand Technology Value Fund was the lead investor in the deal. Previous investors Fraser McCombs Ventures, Maxima Ventures, Wild Basin Investment and the Central Texas Angel Network also participated


The company said it has received $26.35 million of the $30 million funding and expects to complete the deal in the next 60 days


When the deal is finalized, Phunware will have raised a total of $43 million since it was founded in 2009


Phunware develops custom mobile applications for clients including Warner Brothers, NBC Sports and NASCAR. The company developed an interactive app for the Discovery Channel show “Mythbusters,” as well as the popular Petfinder app


Phunware posted revenue of $22.1 million in 2013


CEO Alan Knitowski said the company plans to use the funding to expand its 140-person workforce by up to 60 people. It is currently hiring in sales, product management and engineering, including big data specialists


Phunware’s deal marks the sixth time this quarter that an Austin-area company has raised more than than $30 million in venture capital. Last week, surveying, mapping and geospatial services company SAM Inc. said it had raised $122 million. Earlier in March, SolarBridge, a leading maker of microinverters, said it has raised $42 million for expansion. In February, Spiceworks, which runs an online network for the IT industry, said it had raised $57 million to accelerate hiring and expand product development. In January, Austin software makers Volusion Inc. and Spredfast raised $35 million and $32.5 million, respectively


Print Article opens in new window