GeoSentric (Benefon) raised $13M financing

Dan Harple, Executive Chairman of GeoSentric
Dan Harple, Executive Chairman of GeoSentric
GeoSentric, a company formerly known as Benefon, today announced that it has secured $13.1 million (USD) in an oversubscribed round led by Horizon Group and Schroders Private Bank. Led by former senior executives from Netscape, Oracle and AOL/Time Warner, GeoSentric develops geo-social networking technologies that integrate a mobile user's world with their desktop, digital television and PND devices. (Read here our interview with Dan Harple, Executive Chairman of GeoSentric).

GeoSentric will use these new funds to expand its marketing and sales presence into selected global geographies, along with R&D that will develop and accelerate the company's product road map. "This latest round of funding is a tremendous vote of confidence in our strategy, technology, intellectual property and team," commented Dan Harple, Executive Chairman of GeoSentric. "It signals our intent to become the leading global platform for the convergence of search, location and personal content as a new form of geo-social networking; connecting people with people, with the places they frequent."

"Our original target was to raise $5.5 million but, given the considerable investor interest that GeoSentric is attracting together with the potential size of the market, meant that we were compelled to increase the size of the round," added Harple.

"Our firm is excited about GeoSentric's innovative approach to the rapidly growing location-services and social networking sectors. The team has a tremendous track record, a truly global-focused business plan, and the market and technology to redefine how users interact and communicate with their mobile devices," stated David Francis from Horizon Group.

Monday, September 10th 2007

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