Wednesday, May 28, 2008

Pelago, Inc., creators of the new social networking and discovery service has secured $15 million

What Company Is Offering:
Pelago, Inc. is an early-stage company based in Seattle developing a new generation of consumer experiences based on breakthrough technology, including Whrrl, a new mobile and web-based service at the intersection of social networking and local discovery. Pelago was founded by former senior executives from and is backed by leading venture capital firms from the U.S., Europe and India.

How Much They Got From VCs:

Pelago, Inc., creators of the new social networking and discovery service, Whrrl, announced today that the company has secured $15 million in a Series B financing round. The funds will be used for strategic technology investments and partnerships to continue the service’s rapid deployment across North America and into new overseas markets.

Deutsche Telekom’s venture capital arm, T-Mobile Venture Fund, led the round and was joined by the corporate venture arm of Reliance ADA Group, Reliance Technology Ventures Ltd. (RTVL), and Palo Alto-based DAG Ventures. Original investors in Pelago’s 2006 $7.4M Series A round, Kleiner, Perkins, Caufield & Byers, Trilogy Equity Partners and Bezos Expeditions, also participated in the new round.

T-Mobile Venture Fund and RTVL provide Pelago with unmatched mobile and wireless leadership, as well as an essential foundation in global technology and communications expertise.


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