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Funding Co-led by Magma and Qualcomm to Drive Israeli Company's Global Expansion and Acquisition Strategy
TEL AVIV, Israel, Oct. 31 , 2013 /PRNewswire/ -- TabTale, a creator of interactive books, games, and educational apps for children, announced today that it has received a new round of funding. Qualcomm Incorporated, through its venture capital arm Qualcomm Ventures, and Magma Venture Partners co-led the round, which totals $12 million. Magma Venture Partners is one of TabTale's original funders. Vintage Investment Ventures and other private investors also joined the investment. The funding will go primarily toward acquiring gaming companies and hiring additional talent for this fast growing children's app brand. Today's news brings TabTale's total funding to $13.5 million.
The first hire in the wake of the new funding is Nurit Benjamini, who will serve as the company's first Chief Financial Officer. An experienced executive, Benjamini has served as CFO at several technology companies including: Aladdin Knowledge Systems, CopperGate Communications and most recently WixPress
TabTale, which acquired app developer Kids Games Club in January 2013, is considering further acquisitions that complement its organic growth. TabTale's existing app library includes over 240 apps that have been downloaded over 220 million times.
"This significant round of funding will enable us to take TabTale to the next level and expand our already talented team," said Sagi Schliesser, founder and CEO of TabTale. "In less than three short years we've reached profitability, and are consistently one of the top publishers in the App Store, Google Play Android and Amazon marketplace. Qualcomm Ventures and Magma Venture Partners are not simply tremendous investors, they are also true partners in helping us build the business."
"Gaming and education is at the heart of the mobile evolution. Kids are using mobile devices and apps at increasing rates. As technology evolves, rich and engaging experiences are being delivered to children in a safe manner. TabTale is at the forefront of media adoption by children," said Mony Hassid, Senior Director for Qualcomm Ventures.
"We Invested in TabTale from its early days as we realized the potential of the market and qualities of its management team and we are very happy with its fast growth and expansion," said Modi Rosen, Managing Director at Magma Ventures, "We believe this round of financing will help the company lead its space and become a truly multi-national company."
TabTale's was named the #8 publisher by download volume by App Annie in September, the ranking sites most recent index. This placed TabTale alongside Electronic Arts, Rovio, and Disney and other leaders in the industry. TabTale has deployed a cross-platform approach that allows it to produce and distribute content on Android stores, like Google Play and Amazon.
TabTale launched three years ago with its first app, "A Christmas Tale," which garnered over a million downloads and remains one of the most popular Christmas apps. Since then, TabTale has created over 240 additional apps in the interactive books, games, and education categories, establishing itself as a leading producer of digital content for children. The company boasts more than 20 million monthly active users. TabTale's global headquarters are in Tel Aviv, Israel, with a global team of developers and creative talent in Macedonia, Ukraine, Bulgaria and India. More information is at Tabtale.com
Phone: (212) 362-1307
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