Sequoia Capital and IDG Ventures have invested $5 million each in mobile application development firm Sourcebits. The company develops applications for various mobile platforms like iOS, Android, BlackBerry, webOS and Windows Phone 7. According to the press release, the funds invested by both the venture capitalists will be used to set up engineering and sales centers in the United States, India, US and Europe. Sourcebits has developed nearly 300 applications for these platforms. Its Night Stand app, which converts an iPhone/iPad into an alarm clock, was downloaded over 3 million times and reached number two spot in the App Store within four days of its launch. Knocking Live, a live streaming app for iOS, has registered 2.3 million downloads. Apart from investing $5 million in Sourcebits, Sequoia Capital also invested $8 million in messaging app maker WhatsApp last month. Hit the break below for the press release.
Sequoia Capital and IDG Ventures invest $10 million in Sourcebits
-Leading smart-phone and tablet software and applications developer raises capital to fuel growth-
Bangalore, India — May 11, 2011: Sequoia Capital and IDG Ventures India today announced an investment of $5 million each in Sourcebits, the global leader for consumer and enterprise mobile app development. Sourcebits is the leading third-party developer of innovative applications for mobile devices, with 300 engineers and designers working on a strong global client portfolio.
Sequoia Capital and IDG Ventures India are the first investors in Sourcebits. The investment will help Sourcebits expand their footprint globally and locally. The funds will be utilized to set up engineering and sales centers in the United States, as well as augmenting a design engineering team in India and Europe. The company will also initiate a competition that will foster new thought, with the top 3 winning ideas being developed to create cutting edge mobile applications.
Shailendra Singh, Managing Director, Sequoia Capital, said “Sourcebits is the leading mobile app development company today and already has a fantastic portfolio of global clients and best-selling apps. The company has developed over 300 apps, 20 of which are in the top 100 in leading app stores. We are thrilled to partner with the team at Sourcebits and are confident that their award winning design and development team will continue to be a top destination for companies looking to create world class apps.”
Manik Arora, Founder and Managing Director, IDG Ventures India, said, “The market for mobile applications is experiencing phenomenal growth and is expected to hit $35 billion by 2014 according to IDC. Within this, third-party app developers are providing the focused technical and creative skills, speed and quality to make the market a reality. Sourcebits stood out to us as the emerging global leader for third-party mobile application development. We are excited to partner with home-grown entrepreneur Rohit Singal and his global management team to help them achieve their vision for Sourcebits”.
Rohit Singal, Founder and CEO, Sourcebits, said “We are excited to have Sequoia Capital and IDG Ventures India on board with us as we look at expanding our operations. Having the backing of these two investors will give us the added impetus to innovate, excel and grow as market leaders in mobile and web applications.”
Sourcebits has built its formidable reputation with a strong lineup of apps for iPhone, iPad, Android, BlackBerry, Palm Pre and Windows 7 mobile platform using design lead engineering. The company has years of experience and its client base includes companies ranging from Fortune 500 companies to small start-ups. Some of the most popular apps developed by Sourcebits include Robokill, Knocking Live, Daily Deeds, Night Stand, Skyfire, Beast Farmer and more. The application Night Stand, an app which converts the iPhone/iPad into an alarm clock, reached the number two spot for All Time Top Download on the iTunes App Store within four days of its release and has been downloaded more than 3 million times. Knocking Live, the first live streaming app for iOS, developed by Sourcebits has more than 2.3 million downloads.
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