Mobestream Media, the company behind the highly successful mobile app Key Ring, has raised $1.75 million according to an SEC Form D filing uncovered by launchDFW and confirmed by founder Chris Fagan in an interview this morning.
Key Ring is an application that allows you to keep all of your loyalty and rewards cards, that usually take up space in your wallet or keychain, digitally on your mobile device. The app runs on both the iPhone and Android devices currently.
Mobestream was a member of Tech Wildcatters’ first class, where they received $25,000 in seed money and 12 weeks of mentorship before presenting their company in front of a number of angel investors and venture capitalists. Fagan, however, attributes their ability to raise the cash to a pre-existing relationship with the folks at Austin Ventures, the only investor in the round.
“We had initially spoken with Austin Ventures before entering the [Tech Wildcatters] program. We had built up a pretty large user base and they were really interested,” said Fagan.
The company actually ended up raising more money than they had initially anticipated, but will use the extra cash to accelerate hiring and continue their explosive growth. They’ve already made a few key hires, including Bobby Billman who is a former VP of Marketing at Samsung Mobile.
In addition to the hiring spree (check their open positions here) Key Ring will be using the money to quickly expand to other platforms including Windows Phone 7 and Blackberry.
The company has seen phenomenal growth, with well over a million users and corporate partners coming on board in droves. They’ve also introduced coupons and offers within the app and have delivered an astonishing 5 million of those over the past 6 weeks.
For us here at launchDFW, it’s exciting to see more companies being funded in the area. Congratulations to the Key Ring crew!