Reliance Invests in Mobile Social Network Pelago; Total $15 Million Raise
Seattle-based Pelago, which has been developing a mobile social network called Whrrl, plans to announce either today or tomorrow that it has secured $15 million in a second round of funding, however several media outlets are already reporting the news today. Participating in the round is Deutsche Telekom’s venture capital arm, T-Mobile Venture Fund, with funds coming from Reliance Technology Ventures and Palo Alto-based DAG Ventures. Original investors in Pelago’s first round, totaling $7.4 million, were Kleiner, Perkins, Caufield & Byers, Trilogy Equity Partners and Bezos Expeditions, also participated. Originally, Pelago received funding from Kleiner, but after the prestigious valley firm announced it was launching the $100 million iFund, Pelago was transfered over to become the first iPhone application investment. More info here.
Cerius Adds: Talk about shopping! Reliance Technology Ventures Limited is the corporate venture capital arm of Reliance ADA, the investment size is undisclosed as yet. Whrrl, the social network by Pelago, currently has precision targeting only in US cities. I tried finding out others in Mumbai, noone as yet. The service overlays social networking features over location based services. The release states users can rate, review and comment on places and events. Other features include Whrrl’s “passive visitization” technology which can precisely detect if a person is walking into a store or merely walking by as well as ‘Whrrld Feed’, a twitter-esque micro-blogging feature. The service has multiple filter levels for discovering content and the feature set available in the US states seems fairly impressive.
Reliance has made no bones about its massive GSM rollout, scheduled to be completed by the end of this year. The acquisition might tie-in as a white label mobile provision for BigAdda as well as a starting point for a variety of offline services (Bigflicks, Web World, etc). Parts of the pieces mentioned above have already being done, Burrp has local listings and an iPhone app. Streetflow, a much featured iPhone application, already has local India user generated listings which detect restaurants and places of interest close to you and provide recommendations based on other user experiences as well as reviews and images. Regardless, thats a small piece of the handset pie, it will be interesting to note how ADAG integrates the service with RComm considering the only other social networking option they have right now is purely web based. Other investors in Pelago include Kleiner, Perkins, Caufield and Byers, Jeff Bezos’ Bezos Expeditions (Founder and ex-CEO, Amazon), T-Ventures, DAG Ventures and Trilogy Equity Partners.
Posted In: Money, M&A & Venture Capital, Venture Capital, Social Media, Companies, ADAG
YouTube Videos
Social Standing
Which media brands are getting a lift from Tweeters and bloggers right now -- and which are getting panned?
Show Me: