$7.5 Million Strategic Investment to Fuel International Expansion
Pinger today announced it has closed a new round of venture capital financing from T-Venture, the venture capital arm of Deutsche Telekom. In conjunction with the $7.5 million investment, Bernhard Gold, Investment Director at T-Venture, has joined Pinger's Board of Directors. The new investment will be instrumental in fueling Pinger's international growth.
Pinger's mission is to build the first free global communications network. According to comScore, Pinger's US communication products are installed in 23% of iOS devices, putting Pinger among the top 5 most installed apps on iOS. The T-Venture investment will provide capital to accelerate Pinger's penetration on other key platforms and around the world. In 2011, Pinger started its international initiatives in Germany with the launch of Pinger DE.
"At Pinger, we are working to build a free global network, with carrier backing." said Greg Woock, CEO and co-founder of Pinger. "Working with T-Venture as a strategic partner is a testament to how over-the-top service providers like Pinger can work with carriers to provide rich communications services."
By expanding the size of the mobile market with its free, carrier-compatible communication service, Pinger brings new users to the network (web users, iPod touch users, iPad users) in order to generate traffic and therefore revenue for traditional carriers.
"T-Venture has been impressed with Pinger's success in the United States," said Bernhard Gold, T-Venture. "Our strategic investment is aimed to support Pinger's international expansion especially to Europe where we're confident that the company will replicate the success it orchestrated in the United States."
Previous investors include Kleiner Perkins Caulfield & Byers and DAG Ventures.
To learn more about Pinger, visit www.pinger.com.
About Pinger
Pinger makes texting and talking free. Our market-leading communications products have been downloaded by millions of iOS and Android users around the world. Pinger is loaded with inventive people who enjoy creating consumer products and services that make a difference in people's lives. www.pinger.com.
About T-Venture
T-Venture Holding GmbH was founded in 1997 as a wholly owned subsidiary of Deutsche Telekom AG. It has since then invested in young companies that demonstrate economic and technological synergies with the Deutsche Telekom business units as well as above-average growth potential. Its head office is in Bonn. It is supported and complemented in its activities by T-Venture of America, Inc. in Foster City, Silicon Valley, and in Seattle. Investment activities focus on Europe, the United States and Asia.
Contacts:
SutherlandGold Group for Pinger
Julia Vinyard, 415-655-9560
pinger@sutherlandgold.com
