JumpTap, a Cambridge, Mass.-based company that provides mobile search and advertising solutions, has received another huge round of $22 million in additional funding. The round is led by a new investor, Valhalla Partners, with participation from existing investors, General Catalyst Partners, BCE Capital, and Redpoint Ventures. JumpTap will use its expanded capital to support further product development of its mobile search and advertising solutions, increase staff, and meet increased customer demand in the U.S. and Europe. The company recently signed ALLTEL as its first mobile operator client.
Rafat adds: This is probably the biggest mobile search and advertising funding around till date…the company announced $21 million in second round funding only four months ago. Its total funding to date is $47 million. It would be interesting to see how the product and the company develops in face of continuing threat of big search players moving into the space. Of course that makes it easier for startup players in terms of exit options.