Durham N.C. mobile content and solutions provider Motricity has announced the completion of $50 million in equity funding from Carl Icahn, through an affiliated company, and the appointment of Brett Icahn, an investment analyst with Icahn Associates and affiliated companies and son of Carl, to the Motricity board of directors. The funding will be used for growth and expansion. (Release)
In a further release Motricity CEO Ryan Wuerch said that Icahn would have a “single-digit ownership” of Motricity. Including this investment from Icahn, Motricity has raised $200 million in funding, but this latest deal seems to put its value at more than twice that.
Past investors in Motricity have included: Technology Crossover Ventures and the Wakefield Group, who invested $27 million when Motricity changed its name from PowerByHand in Oct 04; Advanced Equities, who led a $30 million round in July 05; another $40 million in April 06 from Advanced Equities, New Enterprise Associates and Technology Crossover Ventures; and $32 million in Aug 06. It also foreshadowed more funding was on the way last August.
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