June 16, 2011 at 8:15 am by John Cook 3 Comments
SinglePoint raises $1 million, names VC Tom Huseby chairman
Mobile advertising company SinglePoint has raised $1 million in new financing and named veteran venture capitalist Tom Huseby to the board as chairman, GeekWire has learned.
Founded in 1996 under the name Wireless Services Corp. by software vet Steve Wood, SinglePoint has survived a number of ups and downs in the wireless business over the past 15 years.
Its new focus is mobile advertising, an area where SinglePoint CEO Gowri Shankar said they plan to apply the new funds.
“Everyone is excited about SinglePoint’s positioning within the rapidly growing mobile advertising space and confident that through our continued execution we will achieve our market objective of providing full service mobile advertising capabilities to our premium publishers, brands and agencies,” Shankar tells GeekWire.
As part of that transition, some employees left the company through attrition earlier this year, Shankar said. SinglePoint now employs 11 full time employees and five contractors at offices in Seattle, New York and Hyderabad, India.
Huseby’s addition comes after the company sold off its mobile messaging business to Ericsson in January 2010. Awell known venture capitalist and wireless industry veteran, Huseby founded SeaPoint Ventures and now serves as a venture partner at Voyager Capital.
The $1 million financing round was led by existing investor Rally Capital, with new investor Naya Ventures also joining the syndicate.
SinglePoint had previously raised about $50 million, with some of those funds used to acquire Mobile Media North America in 2006.