Onavo has secured $10 million in Series B funding. Horizons Ventures, the private investment arm of Mr. Li Ka-shing, led the investment along with Motorola Mobility Ventures, the strategic equity investment arm of Motorola Mobility. Previous investors Sequoia Capital and Magma Venture Partners also participated in the round. Jason Wong from Horizons Ventures has joined Onavo’s board of directors as part of the round.
Onavo, which offers free apps to stretch data plans and save on mobile data costs, plans to use the additional funds to continue to expand its product offering and reach.
Guy Rosen (Co-founder and CEO, Onavo): The cost of data is an issue for mobile users and carriers all over the world.