SurfKitchen, the leading provider of Mobile Dynamic User Experience (DUE) software, has raised $17.5m from four venture capitalist companies in its third round of funding. This funding is recognition of SurfKitchen's impressive progress in capturing 15 new customers during the last 12 months, resulting in its domination of the DUE market.
Accel Partners, a venture capital firm dedicated to helping category defining technology companies, is co-leading the round with Scottish Equity Partners, one of the UK's largest independent venture capital firms. Argo Global Capital is completing the round and there is also an extended commitment from SurfKitchen's current investors Add Partners.
Philip Letts, CEO SurfKitchen, said: "We are pleased to have secured funding from three such distinguished investment partners and to continue our work with Add Partners. SurfKitchen is going from strength to strength - our revenue has more than tripled in a year, we have recently expanded into Asia and have secured our first customer in that region."
SurfKitchen is the global DUE market leader, both in terms of revenue and market share having captured 15 customers since the launch of its flagship software SurfKit MobileTM in May 2003, including O2 UK, O2 Germany, Telenor, Sonofon and TIM in Greece.
Kaj-Erik Relander, General Partner at Accel Partners, said: "The DUE market is one of the key growth areas in the mobile industry as users demand better data services and an increasing number of organisations look to interact directly with their customers or workforce through mobile channels. We believe SurfKitchen's technology puts it in the pole position for this market and we are confident our investment will bring success."
Calum Paterson, Managing Director of Scottish Equity Partners, added: "We are pleased to support SurfKitchen in its expansion plans, having identified it as a business with significant growth potential in a large and exciting market. We place a lot of emphasis on the calibre of the management teams we back and SurfKitchen is very well positioned in that regard."
The DUE market is set for rapid growth over the next three years as the number of mobile devices that now support this advanced software has exploded. As wireless revenues increasingly come from data rather than voice services, these advanced solutions will be key for future profitability. SurfKitchen's SurfKit Mobile is the only software that can become the ubiquitous platform in the DUE market due to its unique combination of compatibility with all major operating platforms, over the air customisation and ease of use.
Maisy Ng, managing partner and co-founder, Add Partners, concluded: "We are delighted at the rapid growth of SurfKitchen and are proud of the part we have played in that success. The company has repaid our faith many times over and we look forward to its continued leadership of this lucrative market."