Mountain View, CA – Xora Inc., a leading provider of location-based mobile workforce management solutions, today announced the completion of a US$4 million venture loan from MMV Financial.
Xora will use the proceeds from the financing to accelerate its sales and marketing efforts, so it can benefit from the large and increasingly attractive mobile applications space. The company has over 7,500 customers and has had 15 consecutive quarters of growth in its subscriber base and revenue.
"Xora is the recognized market leader in handset based Mobile Resource Management (MRM) solutions. It offers the broadest suite of products to the largest base of customers in multiple verticals; companies are now more focused than ever on increasing the productivity of their blue collar and gray collar workforce, and Xora provides a unique, simple and proven solution that helps them in that direction” said Ron Patterson, Executive Vice President, MMV Financial Inc. “MMV was impressed by the company’s value proposition, its remarkable ecosystem of carrier and application partners and the strong management team, which we believe will result in solid growth."
“Growing recognition of the benefits of mobile workforce management, widespread availability and familiarity with GPS are factors fueling an important and growing market” said Sanjay Shirole, co-founder and Chief Executive Officer of Xora. “This financing will provide Xora with additional resources to expand our sales and marketing team and seize the large market opportunity we have. It will also help us maintain the same world class level of customer support, while expanding our distribution partnerships both on the domestic and international fronts.”
The Company is venture-backed, funded by Dawntreader Ventures, a fund focused on partnering with entrepreneurs to build market leading software, internet and digital media businesses.
Xora is a leading provider of location-based mobile resource management solutions that allow customers to realize improved productivity, manage overtime, reduce the cost of field operations and provide better customer service. Founded in 1999, Xora has raised more than $11 million in venture capital and is privately funded; the lead investor is Dawntreader Ventures. Xora partners include Sprint, Telstra, Motorola, RIM, Oracle and Sun. For more information on Xora and its products please visit www.xora.com.
About MMV Financial
MMV Financial is a Toronto-based specialty finance company providing creative debt solutions directly to technology and life sciences companies across North America. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including CCP Equity Partners, Caisse de dépôt et placement du Québec, NewStar Financial Inc., and Wells Fargo Company. For more information please visit www.mmvf.com.
MMV Financial Inc.
Executive Vice President
Tel: (416) 977-9718