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Amp'd Mobile Closes $150 Million in Third-Round Financing; Next-Generation Mobile Entertainment Company Launches This Month With Largest Venture Capital Raised This Year
LOS ANGELES --(Business Wire)-- April 13, 2006 -- In the wake of CTIA Wireless 2006, where it heralded a series of "firsts" in the mobile entertainment industry, Amp'd Mobile has closed a third round of funding totaling appx. $150 million, pushing the company's initial capitalization past the $250 million mark, it was announced today by chief executive officer Peter Adderton. The round featured participation from several new investors, including Tudor Investments, Intel Capital, Rho Ventures, Qualcomm, Quilvest Ventures, Polygon Investment Partners and Heights Capital Management, to form the largest venture deal thus far in 2006. All previous investors, which include MTV, Universal Music Group, Highland Capital Partners, Columbia Capital and Redpoint Ventures, also participated in the round.
"We are thrilled to receive enthusiastic support from leading technology companies such as Intel Capital and Qualcomm, as well as such highly-respected global investment entities as Tudor, Heights, Polygon, Quilvest and Rho," stated Adderton. "This 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."
"Mobile industry is evolving from traditional voice and text services to richer entertainment services such as video," said Sriram Viswanathan, Vice President Intel Capital. "Intel Capital will work closely with Amp'd Mobile on this evolution on mobile platforms."
The leading fully integrated mobile entertainment company, Amp'd Mobile launched earlier this year with the mission to bring the next-generation broadband wireless services and applications to 18-35 year-olds with unprecedented content offerings. Merrill Lynch & Company acted as exclusive placement agent and financial advisor to Amp'd in connection with this round of financing.
About Amp'd Mobile
Amp'd Mobile is the leading integrated mobile entertainment company for youth, young professionals and early adopters. By leveraging the power of broadband wireless (EVDO), Amp'd will offer traditional services such as voice and text within a completely fresh user interface designed specifically for the "mobile graduate" and third-generation (3G) technology. With a myriad of customizable options to meet each person's individual needs, Amp'd will bring a more relevant, personal experience to the wireless lifestyle with unique music, video, community, entertainment, sports and gaming offerings divided into various channels for quick and easy access. Launching nationwide at the end of the year, more information can be found at www.ampdmobile.com.
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