Hip Amp’d Mobile Snares $150M in Funding
By Karen Brown -- Multichannel News, 4/13/2006 1:20:00 PM
Young adult-oriented mobile service Amp’d Mobile Inc. is still early in its service launch, but it just closed its third round of investor funding to the tune of $150 million.
That will push the Los Angeles-based mobile-virtual-network operator past the $250 million mark in market capitalization.
New investors for this latest funding round include Tudor Ventures, Intel Capital, Rho Ventures, Qualcomm Corp., The Quilvest Group, Polygon Investment Partners and Heights Capital Management Inc.
Previous investors -- including MTV Networks, Universal Music Group, Highland Capital Partners Inc., Columbia Capital and Redpoint Ventures -- also kicked in money for the investment round.
Launched in January, Amp’d is the first MVNO to base its service on the broadband Evolution Data Optimized (EV-DO) network. As an MVNO, it doesn’t own its own network, relying instead on Sprint Nextel Corp.’s EV-DO network to field its service.
Amp’d targets young adults 18-35, offering a service that emphasizes hip mobile-broadband content ranging from video to games and music.
The latest funding round “is a significant milestone that will allow us to quickly ramp up Amp'd Mobile and fulfill our goal of delivering a completely unique broadband-wireless experience,” founder and CEO Peter Adderton said.
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