Wifi Revolution

WeFi (News - Alert) Inc., the creator of a global open Wi-Fi network, reportedly has secured an undisclosed amount of second round funding.

 

The funding round was led by venture capital firms Lightspeed Venture Partners and Pitango Venture Capital.

 

Officials said that the funding will support WeFi's business and financial needs, and is being allocated toward expanding development, marketing efforts, and strengthening strategic business partnerships.

 

"We are delighted to keep working with top tier investment partners like Lightspeed and Pitango," said Zur Feldman (News - Alert), CEO of WeFi, in a statement.

 

Feldman said that with the rapidly growing number of users, and ever expanding database of Wi-Fi access points record around the world, WeFi is providing fast, easy and reliable mobile Internet experiences.

 

Feldman said that the new capital will help WeFi expand its technology reach to additional platforms, to accelerate sales and marketing worldwide, to support new partnerships, and to continue to spread the company’s innovative technology. These funds will support the company's growth over the next couple of years, he added.

The company officials pointed out that the financing round continues an eventful year thus far for WeFi.

 

The company has announced a number of new launches over the last few months, including a version of its software for the Google Android mobile operating system, an integration with mobile VoIP provider fring (News - Alert), the launch of WeROK - a mobile entertainment and communications portal powered by WeFi's community-generated Wi-Fi network, and the opening of WeFiApps, a Wi-Fi powered application store for data-intensive mobile applications.

 

WeFi, after having established itself as a major player in bringing open Wi-Fi hotspots to people around the world, in the past year has entered the mobile market as well, making finding and connecting to a Wi-Fi hotspot easy for mobile users.

 

"We are thrilled to lead this round of funding together with Pitango and invest in an outstanding company such as WeFi, with whom we've had a close relationship the last 3 years”, said Barry Eggers, managing director at Lightspeed Venture Partners.

 

Eggers said that with the current sharp increase in mobile Internet use, a trend that is expected to continue over the next few years, increased Wi-Fi availability is instrumental in unleashing mobile Internet applications and services. It is clear to that that WeFi is well positioned to become a true global industry leader, he added.

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