JVP Leads $8 million Financing Round in Celltick
Following financing, Company started recruiting employees to develop the next generation products
Mobile telephony Home Screen marketing and advertising leader Celltick announced today it has completed an $8 million financing round. The round was led by JVP, which has invested in the Company since its very inception. The round included existing investors.
Celltick manages content and advertising for 100 million mobile users in 20 countries around the world. The number of users is growing by 5 million per month.
During the last three years, Celltick successfully changed its business model, moving from being a technology supplier to a media company which uses a unique proprietary technology. This change brought about a significant growth in revenues and profitability.
During the past year, Celltick won a large number of advertising campaigns from several prominent advertisers such as: Unilever, Volkswagen, Fiat, Coca Cola, insurers, cosmetics companies, as well as digital content producers such as Gameloft.
Celltick has over 50 profit-sharing agreements globally, with mobile operators such as Vodaphone, America Mobile, China Unicom and the SingTel Group. In 2010, the Company’s revenue record levels, reaching tens of millions of dollars, achieving profitability.
According to Ronen Daniel, CEO of Celltick, the new business model has quadrupled the Company’s revenues for the third consecutive year. He said that the Company plans to use the financing proceeds to grow and develop the Company's media and product capabilities. “I would like to thank JVP for its ongoing support and for accompanying us closely over the years. In the past few years start up companies are taking longer to mature and JVP’s patience constitutes a very significant and critical element in the Company’s success,” says Daniel.
Uri Adoni, Venture Partner at JVP, said that Celltick is a great example of a multi disciplinary new media company. “Celltick’s ability to incorporate unique technology, international and local content, innovative marketing and mobile advertising, while maintaining close cooperation with mobile operators, has led the Company to impressive commercial achievements and to international leadership in the field. We believe that the current investment round will enable the Company to continue to progress from a technological, commercial and marketing standpoint, strengthening its international leadership.”