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Andreessen Horowitz backs smart mobile services company ItsOn

30 Oct 2012

Silicon Valley venture capital heavyweight Andreessen Horowitz has led a $15.5m Series B financing round for smart mobile services provider ItsOn, which also saw participation from San Francisco’s SV Angel.

Previous investors in the software company, which aims to gives phone users more flexibility over their billing, have included Vodafone Ventures and Verizon Investments.

Marc Andreessen said, “As the feature phone goes by the wayside, a new level of personal connectivity is becoming central to our identity in the form of the smartphone.

“But mobile service plans are not keeping up.

“ItsOn addresses a universal problem that has never been solved. It is the ultimate usage based model of the future.

“The company’s cloud-based technology is the leap forward needed to unlock the next wave of growth and financial opportunity in mobile.

“We believe ItsOn is about to change this industry.”

Earlier this year Andreessen Horowitz joined investors including New Enterprise Associates and Benchmark Capital in a $35m financing round for online mobile payments company Baku.

DAG Ventures also took part in the round, with the funding earmarked to expand Boku’s team, broaden its infrastructure and continue the global expansion it began in 2009.

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