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Mobile giant Telstra backs Kony Solutions through $18.3m Series D

25 Jun 2013

mobile phone touch screen pdaThe corporate venture arm of Australian mobile phone giant Telstra Corporation has invested $18.3m in mobile and multi-channel app platform Kony Solutions through a Series D financing.

Kony said it would use the capital to further expand into the Asia-Pacific market, develop its cloud business by investing in product development, marketing, sales and operations, and accelerate its growth in the US.

Kony previously received a $15m Series C round in May last year led by Insight Venture Partners.

The company provides a suite of customisable pre-built apps and a comprehensive mobile management service.

Telstra Ventures managing director Mark Sherman said the firm’s investment in Kony was aligned to its strategy of developing new growth businesses, and would build capability in Telstra’s domestic mobiles portfolio.

He said, “Kony offers business and enterprise customers a library of innovative pre-built mobile applications including the Kony Platform that enables customers to write their own applications and deploy them across multiple channels simply and at low cost.

“For Telstra this is a win-win – we are investing in an innovative company and adding immediate value by being able to offer Kony’s products to our business and enterprise customers.”

The deal comes four months after it emerged Telstra Ventures head Deena Shiff was to step down.

The group is now jointly led by Australia  managing director Matthew Koertge  and US counterpart Sherman.

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