SOURCE: VentureWire
AppForge Raises $8.3M in Series B
ATLANTA -- AppForge, a provider of application development services for handheld and mobile devices, is expected to announce today that it closed $8.3 million in its Series B round of financing last week. The round closed oversubscribed, as the company set out to raise $6 million.
New investor The Grosvenor Funds led the round, followed by new investors Council Ventures and Tim Draper, existing investor Draper Atlantic, and existing individuals. The proceeds of the round will be used for sales, marketing, and business development.
Joining the seven-member board of directors are: Bowdoin Train, managing partner at Grosvenor Funds, and Gary Peat at Council Ventures. Existing external directors are Thanasis Delistathis, partner at Draper Atlantic; John Backus, managing director at Draper Atlantic; and Gary Warren, an individual investor. Executive directors are Doug Armstrong, president and chief executive, and Ken Wiles, chief financial officer.
Founded in December 1999, AppForge has raised $13.8 million to date.