Catavolt closes Series B round with USD 5 million

By IVCPOST Staff Reporter

Aug 13, 2013 11:59 AM EDT

The world's foremost creator of a platform for cloud middleware enterprise mobility recently announced the closure of its Series B investment round. Catavolt Inc received investment pledges from Toba Capital, who led the investment round. FCA Investment also participated, who have previously invested in an earlier funding round.

The total investment raised amounted to USD 5 million. Proceeds would be utilized for the expansion of the company's sales organization, increase aggressiveness of the marketing strategies for the platform, as well as the expansion of the product innovation team.

Part of the investment round activities was the election of Fran Dramis as the new Chairman of the Board of Directors. Dramis was former Bell South CIO and current CEO of Dramis LLC. Retaining their positions on the board are Catavolt CEO George Mashini, as well as Catavolt CTO Glenn Osborne.

According to Mashini, "Catavolt provides a low risk, secure and scalable way to connect people to their corporate apps on the mobile devices they already use. We have enabled our customers to be more agile and to gain market share by making their employees better equipped to do their jobs. This expansion will help us reach more markets while taking our product to the next level."

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