Filing provides details on Austin app developer's $26M financing

Mar 28, 2014
Austin Business Journal

A regulatory filing has provided additional details about Phunware Inc.’s Series E round of funding announced by the company last week


The filing shows Austin-based Phunware reported raising $26.5 million of a planned $29.9 million financing, a slightly higher amount than was first reported. The mobile application maker collected the capital from 42 investors, according to a Thursday filing with U.S. Securities and Exchange Commission


The funding round is scheduled to be completed within 60 days, company officials said in a March 18 news release


Phunware, which launched in 2009, develops branded mobile applications. It was ranked No. 1 in the Austin Business Journal’s 2013 list of the fastest growing businesses in Central Texas — within the category of companies with less than $10 million in annual revenue. The company grew revenue from about $534,000 in 2010 to more than $8 million in 2012. It now employs 140 workers


California-based Firsthand Technology Value Fund Inc. (Nasdaq: SVVC) is the lead investor in the Series E financing. Other investors include Fraser McCombs Ventures, Maxima Ventures, Wild Basin Investment, the Central Texas Angel Network, Cisco Systems Inc. (Nasdaq: CSCO) and Connecticut-based World Wrestling Entertainment Inc. (NYSE: WWE)


As part of the funding deal, Firsthand Technology Chairman and President Kevin Landis and Fraser McCombs Capital Managing Partner Chase Fraser have joined Phunware’s board of directors. The company has raised $43 million in investment capital since it was founded, executives said


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