Trutap, the free mobile service that allows users to stay connected to their social lives, has announced it has raised $6.5 million in a follow-on Series A funding led by entities affiliated with the Tudor Group. This brings total company financing to $13 million.
Trutap's latest funding comes on the heels of its Beta launch at TechCrunch40, in San Francisco. The funding will be used for further service development, team strengthening and marketing activities across key regions.
Doug Richard, Co-Founder and CEO of Trutap commented, "We are passionate about building our free service and offering, an easy way for people to stay connected to their social lives. Aimed at 18-24 year olds, trutap is the first service to combine all the elements of a young person's social life into one. We see huge market demand in our service and this new infusion of capital will enable us to continue broadening our services and accelerate our leadership position in the industry."
Josh Dhaliwal, CEO of Wireless World Forum, commented on the market opportunity by saying: "Social networks will grow by 150% in 2007. We believe the long term continued growth lies in mobilizing those relationships. We predict 2008 to be the breakthrough year not only for mobile social networks but also for mobile social networks in Europe and North America as mass use has so far only been limited to Asia. There are 45 million mobile social network users in Asia, globally this figure will be 178 million by 2010. Mobilizing social networks is not about trying to replicate the full Myspace, Bebo or Facebook experience on mobile – but allowing the consumer to remain connected whilst unconnected."