Eniac Ventures Announces New $12.9m Fund To Invest Specifically In Awesome Early-Stage Mobile Startups
The Eniac II Venture Fund will be used to scale the next wave of startups ushering in the future of mobile in adtech, consumer, enterprise and commerce industries
NEW YORK & SAN FRANCISCO—September 26, 2013 – Eniac Ventures is no stranger to mobile. The fund has backed 42 early stage mobile investments with six exits in its first three years of existence. Today, Eniac takes a deeper dive into the next wave of mobile innovation with the announcement of a new $12.9 million Eniac II fund.
Eniac is also announcing some of the investments it has already made out of the fund including:
BioBeats (www.biobeats.com): Merges science, mobile technology, and music to promote wellness
Boxed (www.boxed.com): Offers the benefits of shopping in a warehouse without the pain of crowds and lines
Glide (www.glide.me): Super fast growing video texting app that can be watched live or later
Just Sing It (www.justsingit.com): Social game of karaoke meets “Name the Tune” brings friends together to play
Reactor (www.getwinston.com): Flagship product Winston is a personal newsreader that uses NLP to turn social network content and news into an engaging audiovisual newscast
TapCommerce (www.tapcommerce.com): The leader in mobile retargeting and trusted by some of largest mobile brands
Vistar Media (www.vistarmedia.com): The leading adserver for out of home advertising
The Eniac II fund is six times larger than the original Eniac I fund and seeks to invest $200,000 to $300,000 in syndicated seed rounds while holding additional funds for follow-on funding.
Eniac Ventures began investing in 2010 in, what was then, seen by many as a relatively niche focus of only mobile companies. Since then it has done more early stage mobile deals than any other fund of its size including 42 investments in companies such as LocalResponse, OnSwipe, Localytics, Tempo AI, and MindSnacks, while seeing six exits including -- Fondu acquired by Airbnb, Instinctive by Soundcloud and MetaResolver by Millennial Media, which almost tripled Eniac’s investment in less than a year.
Eniac Ventures’ four founding general partners are pioneers in the field of mobile technology. Nihal Mehta was the CEO and Co-Founder of Ipsh!, which sold to Omnicom, as well as an early investor in AdMob, which was acquired by Google in 2010 for $750M. Mehta is also the founder of LocalReponse, which helps marketers connect through social intent. Hadley Harris was the Head of Business Strategy and Vice President of Marketing at Vlingo which was acquired by Nuance for $225M, as well as the CMO of Thumb, which was acquired by Ypulse in mid-2013. Tim Young has 14 years of experience building early stage ventures as an entrepreneur, investor, and attorney, both in Silicon Valley and New York. Vic Singh has more than 12 years of experience operating and investing in mobile and is currently the CEO of Kanvas, a venture backed mobile startup. Together, their aggregate experience makes Eniac the leading investor in mobile technology and relevant advisor to up and coming companies.
“If I were building a new company in the mobile space, Eniac would be among my first calls. They were instrumental at AdMob, and will continue to be highly influential across the mobile industry,” says Jason Spero, Global Head of Mobile at Google.
“Since we partnered with Eniac at our seed round, they have been invaluable to our growth and evolution as a company. They’ve been extremely hands on and helpful across a wide variety of areas and their expertise in the mobile sector is unparalleled.” says Zain Jaffer, CEO and cofounder of Vungle
“Our knowledge and unparalleled network in the mobile ecosystem is what sets Eniac apart, and we are excited to continue to fuel amazing entrepreneurs who leverage mobile to change the way we live,” says Eniac founding general partner Hadley Harris. “Our presence in both San Francisco and New York allows Eniac to find the best up-and-coming startups for us to help scale into the next hot mobile trend.”
For more information about Eniac Ventures, please visit: http://Eniac.vc/
About Eniac Ventures:
Eniac Ventures is the first independent seed stage venture firm investing exclusively in mobile technologies. Eniac Ventures was founded in 2009 on the belief that the greatest technological catalyst of our time is the proliferation of Internet-enabled devices providing constant connectivity to the majority of the world population. Eniac Ventures is named after the world’s first computer developed at the University of Pennsylvania’s School of Engineering, where the four general partners met in 1996.
We have advised and invested in 80+ mobile software startups.
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