Money keeps flowing into mobile search.
JumpTap, a four-year-old provider of mobile search and advertising services, has raised $26 million in its fourth round of venture funding. The company has raised a total of $72 million. The funding follows close on the heels of reports last week that another mobile search startup, Medio Systems Inc., could have a key role in a potential partnership between Google Inc. [GOOG] and Verizon Communications Inc. [VZ] to develop a new and improved mobile search product. Medio has raised $41.25 million in VC funds.
JumpTap's latest funding was led by AllianceBernstein LP [AB], with participation from existing investors General Catalyst Partners, Summerhill Venture Partners, Redpoint Ventures, Valhalla Partners and WPP.
JumpTap says it will use the cash infusion to further expand beyond the 17 mobile operators that offer its service to more than 150 million mobile subscribers. Chief Marketing Officer Paran Johar says the company is enabling wireless carriers to monetize their traffic through effective, targeted advertising. JumpTap uses Ask.com to conduct searches, tailoring results for mobile users so, for example, a search of "Britney Spears" will yield a ring-tone ahead of pages such as the singer's fan page.
Although mobile search has by many measures grown slower than was expected, Johar says that Apple Inc.'s [AAPL] iPhone has raised the bar and created the expectation among all mobile users that you should be able to easily access the Internet from a handheld device. -- Andrea Orr
See Aug. 26 press release from JumpTap
See Aug. 22 story on Medio from TheDeal.com
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