Mobile Social Networking Service mig33 Closes $8.9 Million in Series C Funding
Posted by amadnoy
Mig33, the world’s largest mobile-first community, today announced it has received $8.9 million in Series C funding.
The funding is designed to boost mig33’s expansive growth as the leading mobile social entertainment service in emerging mobile-first markets and to further develop its unique monetisation channel.
The Series C round was led by Indonesia telecom entrepreneur Pak Sugiono Wiyono and GREE, Inc., Japan’s leading social networking service. The round was supported by mig33’s existing institutional investors Accel Partners, Redpoint Ventures and DCM.
mig33 is modeled on successful East Asian social networking services such as Japan’s GREE and China’s Tencent QQ, valued at USD$2.5 billion and $43 billion, respectively. However, mig33 differentiates by bringing mobile community and entertainment to billions of consumers residing in the emerging, mobile-first markets of Indonesia, India, South Africa, and many more.
“mig33’s goal is to replicate the East Asian Social Networking Service model to the rest of the world,” said Steven Goh, CEO and co-founder of mig33. “The partnerships we’ve established today will be strategic in helping us consolidate our lead in emerging Asia, as we tap these big, underserved markets.”
This Series C funding brings mig33’s funding to more than $34 million since its 2005 launch. mig33 received a $10 million Series A round in May 2007 from Accel and Redpoint. it closed a $13.5 million Series B round in January 2008, led by DCM and joined by Accel and Redpoint.
About Sugiono Wiyono
Sugiono Wiyono Sugialam, 48, is an Indonesian entrepreneur with ties to leading Indonesian companies in telecommunication products and distribution, including cellular phones, operator products (such as pre-paid SIM cards, starter packs and top-up vouchers) as well as mobile content and accessories. They manage and operate close to 800 retail outlets under the OkeShop brand across 153 cities and have business relationships with close to 12,000 dealers throughout Indonesia. Sugiono is well recognized in the telecommunication industry with more than 15 years of experience, and he was awarded the Ernst & Young Entrepreneur of the Year award in 2008, in the category of Services Entrepreneur.
About GREE, Inc.
GREE is the largest social networking service provider in Japan with approximately 22 million users. GREE is also a leading social game developer with more than three years’ experience in Japan; the world’s leading market for mobile social games. The Revenue for the Fiscal Year 2010 was more than $433 million and the current market capitalization is approximately $2.5 billion.
mig33 is the world’s largest mobile-first community, delivering communications and social entertainment to more than 40 million members. every day, members in over 200 countries engage in chat, share photos, join groups, send gifts, play games, create avatars, call friends, email and much more. the service is available worldwide and optimized for more than 2,000 handsets. Launched in 2005, mig33 is backed by Silicon Valley venture firms Accel Partners, Redpoint Ventures and DCM. For more information, please visit mig33.com.