Tapioca Mobile is a San Diego, Calif. startup that offers to monetize multi-media messages consisting of video and images, or just plain old text SMS.
The company works with both publishers and advertisers to deliver content seeded with ads. Its executives come from Qualcomm, Nokia and OpenWave.
The $5 million funding was provided by Venrock, according to Mashable. Venrock also gave Tapioca its seed round in September of last year.