Monday, April 3, 2006

Rave Wireless Raises $12 Million for GPS-enhanced Mobile Applications

Rave Wireless, a start-up based in New York, closed $12 million in Series B funding for its GPS-enhanced mobile applications for college and university communities. The company business model is to work in partnership with mobile operators to serve communities such as colleges and universities with GPS-enhanced mobile safety, social networking, academic and local commerce applications. The company said market demand for its mobile applications, such as the recently launched Rave Guardian that provides students with a location-based personal alarm device, has been extremely strong.

This latest round of financing was led by RRE Ventures, which joined existing investors Bain Capital Ventures and Sigma Ventures.


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