Wireless Startup Announces $1 Million in Funding
A Reston wireless services company that specializes in location-based services announced today a $1 million investment from several notable names in the Washington business community.
SquareLoop's service sends information to a mobile phone based on one's location. If users sign up for the service through their wireless provider, they can receive emergency, weather and traffic alerts or advertiser-supported content. The service is not available yet, but the company expects it to be released in some locations early next year. See Square Loop's release.
Initial investors include Object Video chief executive Raul Fernandez, Capital One co-founder Nigel Morris, AOL International co-founder Jack Davies. The Center for Innovative Technology GAP Fund, based in Herndon, also invested.
"Over the next few months we will be rolling out several new customers and partnerships across the United States," Tom Stroup, SquareLoop's chief executive, said in a statement. "This investment is perfectly timed, enabling us to enhance sales, marketing and product development efforts as we continue to grow our customer base."
The company is trying to capitalize on two trends. First, universities, companies and localities are increasingly paying attention to how to reach their students, employees and residents in times of emergency. That took on only more importance after the Virginia Tech massacre.
Second, wireless carriers and other technology companies are trying to build applications and other services that will drive the market for mobile advertising.
-- Zachary A. Goldfarb
Please email us to report offensive comments.
Posted by: Peter Cranstone | December 17, 2007 6:07 PM
The comments to this entry are closed.