Fring closes Series C funding round

Israel-based mobile communication service fring, which in April launched an app that enabled users to conduct video calls with up to four participants, has closed a Series C round of financing with existing investors for, sources tell Tech Crunch, $10 million. The round means the company has raised $30 million thus far. Investors include North Bridge Venture Capital, Pitango Venture Capital and Veritas Venture Partners.

The company said the money will be used to speed its mobile innovations and "bring fring's fun video communication suite to a slew of new devices and segments of users."

Fring said the funding compliments its primary revenue engines, fringOut and advertising, which are contributing at a rate of $10 million annually.

"Time and again, our team has shown it has the innovative edge to deliver ground-breaking, consumer communication experiences," said Avi Shechter, co-founder and CEO of fring. "This is how our young team has won tens of millions of users, bringing the world's first unrestricted mobile voice over IP, the firt mobile video over IP, and just last month, the first mobile group video over IP. And we're just getting started."

Fring offers free mobile group video calls, video calls, calls and live chat on all major smartphones on any connectivity (3G, 4G, WiFi). With fringOut, fring users can also call any regular phone worldwide, starting from 1 cent per minute.

For more:
- see this article
- see this release

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