Thumbplay Secures New Funding
$15 million in new capital
Thumbplay, online retailer of mobile entertainment content, today announced it has secured $15 million in new capital through a $10 million Series C round led by Bain Capital Ventures and a $5 million line of credit with SVB Silicon Valley Bank. Existing Thumbplay investors, SoftBank Capital and i-Hatch Ventures, also participated in the Series C round. Additionally, Bain Capital Ventures managing director, Ajay Agarwal, will join Thumbplay's board of directors.
"With this new round of funding, Thumbplay will accelerate and expand its marketing efforts, while continuing to build the best consumer experience and mobile entertainment catalog available," said Are Traasdahl, CEO of Thumbplay. "Thumbplay is positioned to widen the lead we have established as the top retailer of mobile content and one of the fastest-growing sites on the Web."
Thumbplay joins the Bain Capital Ventures portfolio, which includes companies such as m-Qube (recently acquired by Verisign), Vonage, Rave Wireless, Skyhook Wireless and Inrix. Bain Capital Ventures is the venture arm of Bain Capital, which with its affiliates, has more than $40 billion of assets under management and has made investments in a number of consumer brands including, Dunkin Donuts, Toys "R" Us, Warner Music Group, as well as internet companies such as DoubleClick and Shopping.com.