Mobile social media company ShoZu has
announced the receipt of $12 million USD from SEB Venture Capital in the company?s third round of funding.
ShoZu?s mobile application allows users to upload video and images directly from their handset to blogs, websites and social networking sites without comprising the quality of the content through compression.
Frank Kelcz, investment manager at SEB Venture Capital comments, ?Demand for Mobile-to-Web enabling technology is being driven by a variety of factors, including the need to stay connected with online social media like Flickr and Facebook on the go, and ShoZu has the opportunity as well as the initial market presence to dominate the space.?
Over the last twelve months, ShoZu have signed application agreements with handset manufacturing giants
Motorola and
Samsung; with the application available on more than 317 handsets in 100 countries.
?ShoZu is the only mobile social media company that has secured global pre-installation agreements with multiple handset manufacturers. That fact alone positions the firm for substantial growth,? concludes Kelcz.
The investment by SEB will enable ShoZu to pre-install the ShoZu application on more than 50 million mobile phones over the course of 2008. One hundred thousand plus new ShoZu users are downloading the application to handsets every month.
Early investors include Atlas Venture, Crescendo Ventures and TTP Ventures.