The round, which was was the company’s first institutional financing, was also supported by existing investors such as Andy Bechtolsheim, who the company said participated “meaningfully”.
Moovweb also said it has hired experienced executive Tony Russo as chief operating and financial officer.
Russo previously worked as CFO of Efficient Frontier, which was acquired by Adobe last year.
Joe Horowitz, Jafco managing general partner, said, “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 address.”
The Palo Alto-headquartered firm’s partner company is Japanese venture capital major Jafco, which provides it with up to $150m for a new fund every two years.
Earlier this month Jafco led a $20m financing round for cloud networking company Pertino.
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