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Tenaya takes stake in mobile services business ItsOn through $12.5m Series C

15 Apr 2014

cloudTenaya Capital has led a $12.5m Series C financing round for cloud-based mobile services platform ItsOn.

Andreessen Horowitz also took part in the round for the company, which has previously picked up $15.5m of Series B funding led by the firm.

Previous investors also include Vodafone Ventures and Verizon Investments.

ItsOn’s cloud-based service platform aims to enable mobile operators around the world to change the mobile experience for their customers by delivering highly differentiated contextual services and on-device purchases.

Tenaya managing director Stewart Gollmer, who will join the ItsOn board following the investment, said, “Tenaya is very excited about our new investment in ItsOn.

“Our research shows that mobile operators will replace their current, antiquated, hardware-based OSS and BSS systems with 100 per cent cloud-based solutions much more quickly than analysts are projecting.

“ItsOn is the clear global leader in the virtualization of service policy controls, charging and billing for mobile networks and this is a space that will experience very rapid growth.”

ItsOn has raised $40m in venture capital funding to date.

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