Truecaller Boosts International Expansion with $1.3 Million Funding from Open Ocean
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Sep 24, 2012 09:35 UTC Truecaller Boosts International Expansion with $1.3 Million Funding from Open Ocean STOCKHOLM, September 19, 2012 ‐ Truecaller, a global crowdsourced phone directory, with millions of users that currently perform more than 120 million searches each month, today announced receiving $1.3 million in Series A funding by Open Ocean, a leading investor in European software start-ups with large user bases or communities. The partners of Open Ocean have a background in MySQL AB. The funds will further boost Truecaller’s product development and international expansion in key markets North America, Asia and the Middle East. Truecaller recently reached a milestone and passed 5 million users and is experiencing exponential growth. “With the new funding and strong support from Open Ocean we will be able to further strengthen our expansion in key markets, and realize our vision to change the way people search and connect to each other on both a local and global level.”, says Alan Mamedi, CEO of Truecaller. “We are excited to invest in Truecaller, as the company aims to deliver a service that is valuable for every citizen as well as all businesses in the World. Truecaller is a perfect fit for Open Ocean Fund Three’s investment focus, developing a rapidly scalable business on the basis of a crowdsourcing strategy and high virality.”, says Ralf Wahlsten Open Ocean Partner. “We believe that Truecaller is positioned to be the leading service in the global mobile white pages industry.”, Wahlsten continues. Pictures and background information: https://www.dropbox.com/sh/1sgl75gasizdugz/r2F8m8Mbcl Media contact: Alan Mamedi, CEO and co‐founder, +46(0)704‐506 210 About Truecaller Truecaller is a global crowdsourced phone directory available on iPhone, Android, Symbian (S60 & S40), Blackberry, Windows Phone and on the web. Truecaller has millions of users that currently perform more than 120 million searches each month and the user base increases rapidly. Truecaller’s users, from all over the world, share their phone books, including numbers to pre‐paid phones, and together create a relevant global directory - users can easily opt‐in or out at any time. Founded in Stockholm, Sweden, 2009 Truecaller is owned by the founder duo, angels and VC company Open Ocean. For more information visit www.truecaller.com or download Truecaller at m.truecaller.com About Open Ocean Open Ocean is a leading early-‐stage venture capital company with a particular emphasis on European software start-‐ups deploying user base or community business models. Open Ocean was the first major owner of MySQL AB, which was sold to Sun Microsystems for $1 billion in 2008. Above and beyond many venture capital firms, Open Ocean is able to leverage its direct experience as the founders of MySQL to provide hands-‐on support to the management of companies receiving Open Ocean’s funding. Open Ocean Fund Three is supported by the European Union through the Competitiveness and Innovation Framework Programme (CIP). For more information, visit us at www.openoceancapital.com.