Action Engine Raises $20 Million In Sixth Round Funding
By James Quintana Pearce - Mon 30 Jul 2007 06:15 AM PST
Action Engine, the Bellevue, WA-based mobile content applications firm, has raised a big sixth round of funding, attracting $20 million. The round was led by Baker Capital and joined by Northwest Venture Associates and The Spangler Group—all of which are current investors. That brings the total amount of funding raised by the firm to $65 million. Action Engine will use the funding to accelerate investment in sales, marketing and customer implementation. Action Engine works in advertising and the on-device portal market (ODPs are applications on handsets intended to make content easier to discover and use). Action Engine cites research from ARCchart that the ODP market will grow to $1.4 billion by 2009, a 166 compound annual growth rate. Among other things, AE was behind recently-launched MSNBC.com’s off-deck mobile news services. Assuming the next step for AE is an IPO, or an M&A exit.
