Wellesley, Mass.-based mobile engagement provider Mobiquity announced Tuesday it has raised an additional $5 million, led by NewSpring Capital's growth equity fund NewSpring Growth. The financing is an extension of the $12 million Series B round Mobiquity inked in June 2013.
Longworth Venture Partners, Sigma Partners and Thomas Weisel Partners also participated in Mobiquity's Series B. The company, which offers mobile business strategy consulting and mobile design and development for enterprises, has raised $24 million to date.
Mobiquity's additional funds will be used to support the demand for the startup's services and products, as well as make strategic hires capable of helping the company continue innovating on its technology.
Mobiquity has gained momentum in the pharma and healthcare sectors, having recently launched a new healthcare business unit, focused on researching, experimenting with and developing healthcare-specific solutions.
Founder, chairman and CEO Bill Seibel noted in a statement, however, that the opportunity goes far beyond healthcare, stating, "Businesses across industries like financial services and retail are quickly realizing that meeting the mobile opportunity is not just about building a mobile app; it’s about transforming your business."
Mobiquity filed SEC paperwork for a $3 million round of funding in May 2014, assumedly part of the $5 million extension announced Tuesday.
The company claims it has increased revenue by 600 percent compared to Mobiquity's first full year of operation in 2012.
