Hercules Technology Growth Capital Inc. has given $1 million of venture debt financing to e-mail mobile communications firm Teleflip Inc. to finance its new mobile e-mail platform.
Teleflip’s new flipMail lets cell phone customers send and receive e-mail messages using any cell phone. The service works with all major U.S. carriers.
“The debt financing from Hercules comes at a perfect time to support the growth of our latest technology, flipMail, which delivers e-mail to every regular cell phone without any new software or expensive data plans,” said Tony Davis, CEO of Teleflip, Santa Monica, CA. “The additional financing allows us to accelerate our flipMail growth plans in the U.S. as well as assist with our international expansion into Canada this summer.”
Hercules Technology Growth Capital aims to tap the demand for mobile e-mail service to the mass-consumer market.
“We have witnessed the rapid growth of communications and networking companies in Hercules’ existing portfolio,” said Paul Walborsky, managing director at Hercules, Palo Alto, CA. “We see Teleflip’s simple viral solution to bring SMS e-mail capabilities to the mass market as the next logical step for the industry.”