Mobile VoIP co Fring raises $12 million from North Bridge

The company is developing software that will enable calls over cellular Internet networks.

Celullar VoIP solutions start-up Fring Ltd. has closed its second financing round, led by US fund North Bridge Venture Partners, which manages $2 billion in assets. This is North Bridge's third investment in an Israeli company. Also participating in the round were VenFin Ltd. and Fring's existing investors Pitango Venture Capital and Veritas Venture Partners . Yossi Vardi made an earlier investment in teh comapny, which has raised a few million dollars altogether. The company did not disclose the amount raised, but sources informed ''Globes'' that it was $12 million.

According IVC Online, Fring was co-founded in 2005 as a spin-off from UsefulApp Ltd. by CEO Avi Shechter and two partners. The company is developing mobile VoIP (mVoIP) software, which can be installed on a 3G handset, enabling users to make calls via computers, instead of using air-time.

Published by Globes [online], Israel business news - www.globes.co.il - on August 9, 2007

© Copyright of Globes Publisher Itonut (1983) Ltd. 2007

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