Followap, a provider of presence and Instant messaging (IM) solutions, today announced the closing of Series C financing led by Sequoia Capital. Existing investors including Carmel Ventures, Star Ventures, ICTech and Koor CVC also participated in this round of financing.
"Globes" has learned that Followap raised $10-20 million based on a company value of $50 million.
Also today, Followap announced the release of its iFollow presence platform for next generation networks. Presence enables communicating parties to be aware of each other's availability and connectivity status.
Sources also informed "Globes" that Followap is due to close several deals in the near future with major wireless companies Vodafone group (NYSE; LSE; FSE:VOD) and Orange Personal Communications Services Ltd. Followap is currently participating in 10 trials, of which five are being conducted by tier-1 carriers.
Followap stated that the capital raised in the current round will be invested in further increasing the company's market share in presence-enabling mobile and converging IP-based networks.
"This investment is a vote of confidence in the future of presence, and will enable us to secure our lead in the market and realize the potential of Presence in converged networks" said Followap CEO Dotan Volach.
Followap's customer base consists today of over 15 network operators, including Vodafone group. Followap recently launched presence infrastructure and services at Turkcell.