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fastmobile Secures US$12 Million in Series B Funding

Kent, United Kingdom (ots/PRNewswire)

fastmobile, a leader in
mobile instant communications solutions, announced today that it has
raised US$12 million in Series B financing to fund the growth and
expansion of its product commercialization and global sales
activities. This round brings fastmobile's total funding to more than
US$21 million.
The Series B financing was co-led by DCM - Doll Capital Management
and Walden International and included participation by existing
investors Leo Capital Holdings and BlueStar Ventures. Dixon Doll,
cofounder and managing general partner of DCM, and Andrew Kau,
managing director of Walden International, will join fastmobile's
board of directors.
fastmobile's Chief Executive Officer, Kang Lee, said, "The last
several quarters have seen fastmobile achieve significant new product
introductions and customer wins around the world. This investment
enables us to fully exploit the exciting opportunities in front of us
and we're pleased to have the world class firms of DCM and Walden
International as new investors in the company." Lee added that the
Company's growth plans include hiring additional staff at their UK
office.
fastmobile's solution offerings extend from multimedia Instant
Messaging and presence-based address book applications to instant
media and content exchange and multimedia blogging and community
applications. The company's products are currently offered by
operators and service providers in China, South Korea, India,
Sri-Lanka, Germany, and Italy.
"Advanced mobile data services have become a key point of
competitive differentiation for network operators, mobile virtual
network operators and other branded service providers worldwide,"
said DCM's Dixon Doll. "fastmobile's innovative products deliver the
kind of exceptional end-user experience their operator and service
provider customers need in order to drive strong revenues from these
services."
All solutions are customized to offer mobile network operators and
service providers the ability to deliver branded, differentiated
value-added data services on a wide range of handset platforms that
includes Symbian Series 60 and UIQ, Microsoft Pocket PC and
Smartphone, J2ME, and Brew.
Walden International's Andrew Kau added, "We have been impressed
by both the products and customer traction fastmobile has achieved
and we are delighted to be backing this excellent team."
"Representing the company's existing investors, I am pleased to
welcome DCM and Walden International as investors in a great
company," said Randy Rissman, Managing Director of Leo Capital
Holdings. "As a highly respected figure in the telecommunications
industry, we greatly value the contribution that DCM's Dixon Doll
brings to fastmobile. Together with Andrew Kau's rich leadership
experience, their appointment to the company's board of directors
adds significantly to the company's strategic position moving
forward."
About fastmobile
fastmobile Inc. is a recognized global leader in the development,
hosting, and delivery of value-added instant communication services
over GPRS and other 2.5G and 3G mobile networks. fastmobile offers
operators and service providers innovative services that drive
incremental ARPU and fully leverage existing service and
infrastructure investment to deliver higher ROI. fastmobile has
operations in the US, Europe, and Asia.
About DCM - Doll Capital Management
DCM is a top-performing venture capital firm supporting
entrepreneurs building early-stage technology companies. DCM partners
manage over US$1billion and have funded leading technology companies
including 2Wire, 51job, About.com (Primedia), @Motion (Openwave),
Foundry Networks, HireRight, Internap, IPivot (Intel), JCI, Kabu.com,
nQuire (Siebel), PGP Corporation, Recourse Technologies (Symantec),
Sigmatel, SMIC, and UUNet (MCI). DCM offers hands-on operational
guidance and access to an extensive network of resources, including
close relationships with many of the Pacific Rim's leading companies
and investors. For more information, please visit DCM's website at
http://www.dcmvc.com .
About Walden International
Walden International ("WI") is a leading international venture
capital firm that has been providing investors access to early-stage,
cross-border, IT opportunities with the advantage of an unrivaled Pan
Asia network since 1987. The firm's funds total over US$1.5 billion
in committed capital. WI's network of multi-cultural professionals
spans China/Hong Kong, India, Japan, Malaysia, the Philippines,
Singapore, Taiwan and the United States. With over 100 years of
combined experience, WI's investment team has funded leading
technology companies including Creative Technology, Leadis
Technology, SINA, and SMIC. With 9 offices throughout Asia and the
United States, the firm has extensive network relationships with
major institutions, Asia governmental entities, strategic investors,
and entrepreneurs throughout the Pan Asia region. For information,
please visit http://www.waldenintl.com .
About Leo Capital Holdings
Leo Capital Holdings, LLC is a Chicago-based private equity
company focused on early stage investments in wireless,
telecommunications, semiconductors and the Internet. Portfolio
companies include 422 Inc., Epiworks, FunMail, and NetNearU Corp. For
more information, please visit Leo Capital's Web Site at
http://www.leocapholdings.com .
About BlueStar Ventures
BlueStar Ventures, L.P. is a Chicago-based private equity
investment fund focusing its capital, time and other resources on
early stage investments in technology and telecommunications
companies. BlueStar's portfolio includes NetNearU Corp., nii
communications and SurePayroll. For more information, please visit
BlueStar's Web Site at http://www.bluestarventures.com .
Web site:  http://www.fastmobile.com
               http://www.dcmvc.com
               http://www.waldenintl.com
               http://www.leocapholdings.com
               http://www.bluestarventures.com

Contact:

John O'Boyle of fastmobile, +44-1732-861-463, media@fastmobile.com ,
or June Parina, June@blueshirtgroup.com , or Jenny Spitz,
Jenny@blueshirtgroup.com, both of The Blueshirt Group for DCM,
+1-415-217-7722

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