Firefly Mobile, which sells a small mobile device for very young children with strict controls on the which numbers they can call and receive calls from, has raised $3 million more to restart.
VentureWire has the news this morning (sub required).
The company had high hopes as it went to market last year, its concept appeared compelling. But Firefly also chose to offer its own wireless service and customer service, using the infrastructure of other carriers to act as an independent so-called Mobile Virtual Network Operator (MVNO). The costs of customer service proved expensive, hurting the company’s performance.
So the company’s original investors, Sevin Rosen Funds and ComVentures, which had helped pump $26 million into the company last year, chose not to invest again.
GIV Venture Partners and Leo Capital Holdings are the remaining investors, and according to VentureWire.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more