Austin mobile brand company completes $30M funding, eyes big growth plans

Jun 24, 2014
Austin Business Journal

Phunware Inc., an Austin-based company focused on creating mobile experiences for brands and whose business includes mobile software development, has completed a Series E round of financing worth $30.72 million. That brings the total investment raised by Phunware to date to $48.25 million, the company said Monday

In March, a federal filing with the U.S. Securities and Exchange Commission showed the company had raised $26.5 million in its Series E round out of a planned $29.9 million

The Series E funding was led by California-based Firsthand Technology Value Fund Inc. Other investors included Fraser McCombs Ventures, Maxima Ventures, Wild Basin Investment, the Central Texas Angel Network, Cisco Systems Inc. and Connecticut-based World Wrestling Entertainment Inc. and Samsung Venture Investment Corporation, the venture capital arm of the Samsung Group

"Our investment in Phunware is consistent with our strategy to work closely with established market leaders," said Michael Pachos, principal at Samsung Ventures, in a statement

Phunware CEO Alan Knitowski, who was a featured speaker at the Austin Business Journal's Face 2 Face event in June, is positioning his company for exponential growth and an initial public offering as he eyes a $1 billion enterprise

"We are extremely excited to add Samsung Ventures as a strategic investor for our business," Knitowski said in the statement. "We are looking forward to deepening our relationship with the Samsung Group globally."

Phunware was ranked No. 1 in the Austin Business Journal’s 2013 list of the fastest growing businesses with less than $10 million in annual revenue in Central Texas

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