CAMBRIDGE, Mass.-Mobile search technology provider JumpTap Inc. snared $21 million in its latest round of financing.
New investor Redpoint Ventures joined existing backers General Catalyst Partners and BCE Capital. JumpTap said it will use the cash to fuel product development, increase staff and expand its marketing efforts.
A year-old startup that raised $4 million in funding last summer, JumpTap offers a white-label system allowing carriers to search for local listings and other information for subscribers. Competitors include Medio Systems Inc., which scored $11 million in funding in October, and the Norwegian outfit Fast Search & Transfer.
The companies hope to provide an alternative to branded mobile search services from AOL, Google, Yahoo, 4INFO and others. JumpTap offers a service similar to Google’s online portal, which uses key words and prominent ad placements to generate revenue.
“Mobile search promises to transform the way the world’s nearly 2 billion wireless subscribers use their handsets to search for information and purchase goods and services,” said Jeff Brody, managing director of Redpoint Ventures. “Advertising to these subscribers as they conduct mobile searches opens an unprecedented new revenue opportunity for carriers.”
