PROVIDENCE – MoFuse, a local company that builds and manages websites designed for mobile devices, has closed a partial round of financing, raising $1.27 million.
Angel investors Cherrystone Angel Group LLC and Angel Street Capital LLC, as well as the public Slater Technology Fund, have finalized their investments and an additional investor could push the funding to about $1.5 million, MoFuse CEO Annette Tonti told Providence Business News, signaling the final close for this round of financing as the end of January.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“We will be significantly increasing our work force by about three times,” said Tonti while estimating MoFuse’s current staff, including part-time workers, at five or six people. MoFuse plans to boost its marketing, sales and engineering staff by the end of 2011.
“We’re very excited to have both Cherrystone and Angel Street Capital, it’s a huge benefit for us to be working with local investors to help us with more than just funding, but strategically,” said Tonti. “To be a Rhode Island-based company and to get [this] vote of confidence … is huge. We’re thrilled.”
Both Cherrystone and Angel Street are first-time investors; Slater Technology Fund provided seed financing for MoFuse in 2008.
According to a Form D document, filed with the U.S. Securities and Exchange Commission on Jan. 5, MoFuse’s planned offering is $1,485,843, leaving $217,500 remaining to be sold.
In November, MoFuse received a $100,000 innovation tax credit from the R.I. Economic Development Corporation, saying it will create 37 jobs by 2013 with an additional 43 spinoff positions.
