Fring, the Israel-based mobile call and chat application provider, has closed a Series C round of financing on top of the $13 million it has raised since its inception in 2006. The capital comes from its entire list of previous backers: North Bridge Venture Partners, Pitango Venture Capital, Veritas Venture Partners and VenFin Limited all participated in the round.
The actual amount raised was not shared, but we’re told that the third round is pretty much on par with the Series B round the company closed in August 2007 (estimated at $12 million when we reported it, but more in the vicinity of $10 million according to information we received later) and that it’s “most definitely not a downround”.
Fring markets an entirely free, ad-supported mobile application that allows users to engage in Web-based social activities, including VoIP calling, instant messaging and social networking. The startup says it intends to use the extra funding to make the app compatible with more mobile environments (Android, anyone?), support more Web-based community services, introduce a couple of new features and make some usability improvements across the board.
When the economy started crumbling last Fall, fring let go 20% of its workforce, although at the time it stated revenues were actually on the upside but it needed to cut costs to extend its runway through 2009.
The company is up against a slew of well-funded startup rivals, including Nimbuzz, Truphone and eBuddy, but also increasingly against Skype, which is eyeing the mobile handset market more and more.
Lovely app, Gonna install it on my new and upcoming N97
It’s a pretty great app, I’ve got it on my iPhone and I’m quite satisfied. I’m wondering though if they have plans on expanding to a Location-based utility (a-la Foursquare, Google Latitude) or remain in the IM area.
No business model.
None.
Biz model is to get a lot of users and sell for a lot of money e.g. google, microsoft..
I feel like I’m taking crazy pills..Over $20 million dollars for Fringe?!
Wow..just wow
My guess would be that most people with unlimited data are already using the other forms of communication (text, email, aim, etc) so much that they don’t have a problem staying under a certain amount of minutes. So… what’s the point?
Fring’s business model is to get at least 5M of IM users, after that to be sold to any big mobile vendor (most probably Samsung or LG) without further dreamin
..or to Deutsche Telekom?
If you want a rich messaging product that works across all the major mobile platforms AND PC’s and Mac’s AND gives you same location capabilities as Laatitude, check out Palringo at http://www.palringo.com
they not only provide connectivity to all the major IM services, but also offer push to talk and photo capabilities as well as offering group communication tools (join the 20,000+ groups already set up.
Parlingo su**, doesnt have two fring’s main features: fair SIP implementation & Skype) – the rest of parlingo’s options are “as usual”
frings is very good software.but u.a.e not accpet other any soliuation.
Its an excellent software… which helps me to keep in touch with my friends on my mobile rather than using my laptop…