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Monday, January 14, 2008

Kadoink Scores $7 Million In Funding

-San Francisco-based Kadoink, a social media-focused web telephony service, has announced it has raised $7 million in financing from Sutter Hill Ventures. Its technology integrates SMS, IM and voice into a single hosted system that the company says is compatible with any carrier or handset.

Kadoink recently unveiled its communication platform aimed at bridging the web and mobile worlds, allowing users to share and publish content in online communities using mobile phones. The company says it's already deployed its tech with Bebo, Adidas, Zomba Records and various recording artists, and promises to announce a partnership with a sports broadcaster soon.

The company says it'll use the new funding to expand its presence in the social media space, and to develop new areas of the business. As part of the agreement, Andy Sheehan, Sutter Hill Ventures' managing director, will join Kadoink's directorial board. Commented Sheehan, "With our expertise in identifying emerging and entrepreneurial technology companies, we believe Kadoink and its patented family of technologies will be a highly successful addition to our growing portfolio. Kadoink possesses a powerful set of web-based telephony functionalities that we believe consumers and developers will soon adopt and embrace."

Kadoink CEO Scott Cahill added, "Securing our funding with Sutter Hill Ventures allows us to forge innovative deals with key partners in a diverse set of verticals such as social networks, virtual worlds, music artists and many more on the near horizon. We're thrilled to have Andy join our board and lend his tremendous insights and expertise to Kadoink's growth strategy."

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Posted by Leigh Alexander on January 14, 2008 1:23 PM |

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