Video ringtone sharing pioneers Vringo has announced the closing of a $12m funding round, led by private equity firm Warburg Pincus.
The Jerusalem-based company provides users with the ability to share video ringtones each time they make a phone call. The application brings ringtones to life by integrating video clips, avatars, animation, greeting cards or photos whenever users make or receive calls.
“Vringo set out with an ambitious goal to make video ringtone sharing finally work,” said Jon Medved, the founder and CEO of Vringo. “We are delighted to be working with Warburg Pincus, a firm that shares our vision and recognizes the enormous consumer potential in sharing video ringtones. Their extraordinary track record, truly global reach, corporate relationships and strategic insight will bring huge value to Vringo as it grows.”
The Vringo service, currently in public beta, will soon be available on a wide set of mobile handsets including devices made by Nokia, Motorola, Sony Ericsson and Samsung. The company are planning to use some of their $12m pot of cash to formally launch the product and expand global partnerships with leading mobile carriers and content providers.