Press Release
KADOINK ANNOUNCES $7M SERIES A FUNDING WITH SUTTER HILL VENTURES
SAN FRANCISCO, CA - January 15th, 2008 – Kadoink, (www.kadoink.com ), a web telephony service for social media that enables enhanced group communication and mass distribution of SMS, live and recorded voice messaging and audio file streams over the voice channel, has closed $7 million in financing with Sutter Hill Ventures.
The funding comes after a successful unveiling of Kadoink's powerful communications platform that bridges the mobile phone and the web, allowing consumers to connect, share and publish content with friends and online communities through their phones. Kadoink has initially deployed its technology with such brands and properties as Bebo, Adidas, Zomba Records, a soon to be announced sports broadcaster and artists such as Death Cab for Cutie, Jordin Sparks and Third Eye Blind.
As part of the agreement Sutter Hill Ventures Managing Director, Andy Sheehan an industry veteran in the social networking and media space, will be joining the Kadoink board of directors.
"With our expertise in identifying emerging and entrepreneurial technology companies, we believe Kadoink and its patented family of technologies will be a highly successful addition to our growing portfolio," said Andy Sheehan, managing director at Sutter Hill Ventures. "Kadoink possesses a powerful set of web-based telephony functionalities that we believe consumers and developers will soon adopt and embrace."
Securing our funding with Sutter Hill Ventures allows us to forge innovative deals with key partners in a diverse set of verticals such as social networks, virtual worlds, music artists and many more on the near horizon. We're thrilled to have Andy join our board and lend his tremendous insights and expertise to Kadoink's growth strategy," said Scott Cahill, CEO of Kadoink.
The new funding from Sutter Hill Ventures will continue to further extend the Kadoink footprint in the social media arena while developing new areas of the business, leveraging Sutter Hill Ventures vast system of industry networks and years of strategic category experience.
About Kadoink
Kadoink is a powerful web-telephony platform that seamlessly integrates SMS, IM and voice into a single hosted system compatible with any carrier or handset. Through its patented technology, Kadoink provides a suite of communication widgets and services such as phonecasting, audioblogging, microblogging, instant and large scale group communication (calling & texting) as well as mobile advertising (SMS and audio interstitials). Kadoink un-tethers users from their computers and instantly expands their current mobile phone capabilities, giving them a fun, always-present, easy-to-use tool to anonymously connect with an expansive network of family, friends and online communities without ever having to disclose their actual phone numbers. The company is based in San Francisco, California and was formed in September 2006. For more information and to sign up for Kadoink please visit www.kadoink.com.
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Kadoink Contacts:
Bret Ingraham
mPRm Public Relations for Kadoink
323.933.3399
bingraham@mprm.com |
