INTEREST FROM LARGER ENTERPRISES has helped MoFuse, the mobile Internet management company headed by CEO Annette Tonti, gain an addition round of financing totaling $525,000, including $130,000 from the Slater Technology Fund.
PROVIDENCE – Rhode Island public venture capital firm Slater Technology Fund has added $130,000 to its investment in Warwick mobile Internet management company MoFuse, Slater announced Tuesday.
The investment is part of a $525,000 round of expansion capital from MoFuse’s Series A investors, a group that also includes the Cherrystone Angel Group of Providence, Angel Street Capital of Providence and Beacon Angels of Boston.
MoFuse was seeking the additional capital to grow and bring its mobile web content management platform to larger customers, said Slater Managing Director Thorne Sparkman in a news release.
“MoFuse continues to add customers at a steady clip, and as their capabilities have increased, large partners have started to turn to MoFuse, which increases that growth,” Sparkman said.
“MoFuse bet early that the space between a consumer and their phone was some of the most valuable real estate around, and all of a sudden every company is realizing they need the tool set the company has developed,” added Sparkman.
The additional funding brings Slater’s total investment in MoFuse to $580,000.