Bengaluru: Groundbreaking mobile-first storytelling & commerce platform, Wrap Media grabs $12.7 million in a series B round of funding led by Raine Ventures – global merchant bank and ProSiebenSat.1 Media – one of the largest independent media corporations in Europe along with investors including Christopher Crain – Group Publisher, Executive Vice President - Strategic Operations, Christopher Communication. The funding round was also participated by Dream Incubator, FF Angel LLC, Salesforce Ventures and Transmedia Capital.
The latest funding will be utilized to commence an innovative mobile storytelling platform. As per the release, the company had previously raised $3.5 million in a series A round of funding from FF Angel LLC and Raine Ventures. Along with the most recent funding, the company’s total fund raised comes to about $18.7 million.
Mobile, web-based native app alternative, Wrap Media was founded in 2014 by an entrepreneur – Eric Greenberg. Wrap Media delivers app which a user experiences through the mobile web. With the aid of unique authoring tools and SaaS platform, the firm creates opportunities for companies in order to create new commerce models and generate deeper relationships to build up constancy which lead to increased revenue and profitability.
Speaking about the latest funding, Eric Greenberg, Founder & CEO, Wrap says, “With this new round of funding, we’ll be able to optimize our product features, grow the team and expand our go-to market strategy. From retail to leisure, advertising to publishing and more, we're excited to push mobile storytelling forward to deliver content combined with sophisticated computing functionality in a beautiful user experience that all mobile users deserve”.
Concerning the startup, John Somorjai, EVP, Corporate Development, Salesforce Ventures says, “The Salesforce1 Fund empowers startups building transformative technologies that revolutionize how companies connect with their customers in today's mobile world. Wrap’s innovative mobile technology extends the power of the Salesforce1 Platform and we are excited to help them accelerate their growth”.
Gordon Rubenstein, Managing Partner, Raine Ventures & Wrap Board Director, says, “Wrap delivers both content and context in the short attention span of a mobile message. It pushes the boundaries of what's currently possible on the mobile web and delivers an engaging experience unlike anything that's been done before”.
Eric Greenberg, Founder & CEO, Wrap says, “People blame poor conversion and monetization on a lot of things, but it is fundamentally an interface problem. We have app indigestion and know that the mobile web is broken because it was not designed for mobile as it is used today. Although people are on their mobile devices constantly, companies still don't understand how to transform mobile consumption into deep, actionable conversions and lasting relationships. Through Wrap's patented technology, stories are told and meaningful interactions are achieved in the short attention span way that people use the mobile phone”.