(Cascadia Capital represented QPass in this transaction)
Qpass Closes B Round at $12.7 Million With Funds From New Investor
Granite Global Ventures Contributes $2 Million; Qpass Adds Joel Kellman to Board of Directors
February 4, 2003 (Seattle, WA) -- Qpass Inc., the leading provider of activity management business system software for wireless carriers and other network operators, today announced it has secured $2 million from Granite Global Ventures, finalizing the Series B financing at a total of $12.7 million. In conjunction with the financing, Joel Kellman, managing director of Granite Global Ventures will join the company's board of directors.
Granite Global Ventures joins new investor Westbury Partners, along with RRE Ventures, Venrock Associates, Oak Investment Partners, Seapoint Ventures, and Hook Partners. "We are pleased to have completed such a strong financing, adding two new quality investors, in a very tight capital market amidst a tough economic climate," said Chase Franklin, Qpass CEO. "Our success speaks directly to the exciting momentum in our business." The additional financing will fund the expanded sales and marketing of the company's flagship product, Prosperity Series™ software in North America and Europe.
"We are impressed with Qpass' position as the North American market leader in activity management," said Joel Kellman, Managing Director, Granite Global Ventures. "Their seasoned management team and established customer base of leading U.S. carriers make Qpass an attractive investment."
Qpass® Prosperity Series™ software provides an end-to-end software solution to network operators for offering advanced products and services, including premium messaging, ringtones, games, and Wi-Fi access.
About Granite Global Ventures
Granite Global Ventures is a technology-focused fund sponsored by Venrock Associates, Economic Development Board of Singapore, and U.S. Bancorp Piper Jaffray. By leveraging these relationships, Granite has created a solid global platform of relationships to provide superior value to entrepreneurs.