Wednesday, May 28, 2008

Pelago Raises $15M

Pelago Inc., operator of a social networking Web site for mobile users, announced Tuesday that it has secured $15 million in Series B venture financing. Pelago said the money will be used to help deploy and extend the service, called Whrrl, across North America and into overseas markets. Pelago credited the T-Mobile Venture Fund, Deutsche Telekom's venture capital arm, with leading the effort. DAG Ventures and Reliance Technology Ventures Ltd., the corporate venture arm of the Reliance ADA Group, also participated, Pelago said. Also contributing were the company's first-round investors, who provided some $7.4 million two years ago: Trilogy Equity Partners; Bezos Expeditions; and Kleiner, Perkins, Caulfield & Byers. Founded by former Amazon.com senior executives, Pelago is based in Seattle. More information »