Moovweb Announces Investment of $16 Million To Expand Sales, Marketing & Products

Company Also Announces New Chief Operating and Financial Officer

2013-03-28

SAN FRANCISCO, CA, March 28, 2013 (Press-News.org) Moovweb today announced the investment of $16 million by Jafco Ventures and Trinity Ventures in its first institutional financing. Existing investors, including Andy Bechtolsheim, also participated meaningfully in the round. The capital raised will be used to further the company's vision to fundamentally transform Web development to create unmatched business agility for organizations of all sizes. The company also announced the appointment of industry operations and finance veteran Tony Russo as its new chief operating and financial officer.

"In the last 18 months, our revenue has quadrupled," said company founder and CEO, Ajay Kapur. "We feel very fortunate to continue this exponential growth with the help of Jafco and Trinity. Companies are recognizing that old development approaches simply aren't working in a post-PC world. Moovweb's experience platform was built to give businesses unprecedented power and flexibility in this new world."

The Moovweb experience platform empowers businesses to go mobile by taking a fundamentally different approach to unifying their Web and mobile development. With Moovweb's patent-pending site virtualization technology, a business's mobile sites and apps inherit and stay in sync with a desktop site's content, features and business logic. This approach allows powerful mobile experiences to be delivered in days, not months, and drives radically improved business agility over time. The cloud-based Moovweb platform has transformed nearly 12 billion mobile pages for some of the highest volume mobile sites, apps and tablet applications in the world, including: Macy's, 1-800-FLOWERS.com, Sur la Table, Golfsmith, Vitacost, Kroger, Accenture, Cox Communications, Chico's, Sharpie and many others.

Joe Horowitz, managing general partner at Jafco and Paul Sallaberry, a seasoned executive who held senior roles at Veritas and Oracle, recently joined Moovweb's Board of Directors. Gus Tai from Trinity will be added as a Board observer.

"In my 30 years of experience in venture capital, I have never seen a company of the quality of Moovweb grow to such significance with such capital efficiency. This speaks to the quality of the team, its products and the enormous market opportunity that they are addressing," stated Mr. Horowitz.

Also helping to lead the company into the next phase of growth is new Chief Operating and Financial Officer Tony Russo. Russo brings over 20 years of experience in managing and building companies from an operational and financial perspective, having most recently served as CFO at Efficient Frontier, a company that was acquired by Adobe last year.

"The opportunity for mobile commerce is predicted to reach more than $1 trillion in global mobile transactions by 2015," said Tony Russo. "I joined the Moovweb team because of the company's unique technology that enables organizations to take advantage of this mobile revolution. Moovweb has significant traction in the market and I look forward to helping them achieve even greater growth."

About Moovweb
Moovweb's vision is to fundamentally transform Web development to create unmatched business agility.

Our enterprise-class, cloud-based platform is transformational for businesses that need to innovate faster and drive extreme results through their mobile channels. The platform offers developers, design agencies and systems integrators a set of powerful tools to radically shorten delivery times for compelling mobile sites and native apps. The Moovweb platform is one of the world's busiest, with more than 11 billion mobile pages transformed for some of the world's largest mobile sites and apps, including those for Macy's, 1-800-FLOWERS.com, Sur la Table, Golfsmith, Vitacost, Kroger, Accenture, Cox Communications, Chico's, Sharpie and dozens of others. Moovweb is headquartered in San Francisco.

Moovweb is a registered trademarks of Moov Corporation. All other registered and unregistered trademarks in this document are the sole property of their respective owners.

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