Handango has announced a financing in excess of US$60 million to extend its position in the fast-growing smartphone content market. The company plans to intensify its investment in the consumer experience, building on its position as the world's largest smartphone content retailer, accessible online and directly from the device.
The company's growth initiatives include global expansion, support for new types of content and establishment of new distribution channels.
The funding was led by Institutional Venture Partners (IVP). Joining IVP in this round are Advanced Technology Ventures (ATV), Centerpoint, Neo Carta, Pharos Capital Group and SSM Partners. As part of the investment, Handango has appointed two new members to its board of directors: technology financier Sandy Miller from IVP, who will become chairman of the board, and the former head of Lucent's Wireless Business, Bill Wiberg from ATV.
By leveraging 16,000 content partners across more than 500 distribution channels, Handango delivers the entire smartphone marketplace into millions of customers' hands, both on the web and on smart devices. Handango's partners list includes Motorola, Nokia, Samsung, RIM, HP, Microsoft, Verizon Wireless, T-Mobile and AOL, all of whom rely on Handango as an essential part of their smartphone content businesses.
Last year, there were 68 million smartphone users, which will grow to more than 350 million users by 2009, according to Strategy Analytics.