Westbridge, Intel in $15m July Systems round
Westbridge Capital, the Indian private equity firm spun out of Sequoia Capital, has participated in a $15 million round of funding for US mobile application platform provider July Systems. Technology-focused investor Updata Partners led the investment, while Intel Capital also contributed.
July Systems, which has offices in Bangalore as well as in New York and Los Angeles, reported an increase in revenue of more than 60% across markets including Asia, the Middle East, the UK and the US in 2011.
The new capital is designed to accelerate the company's product roadmap, in addition to boosting its sales and increasing its market share.
"Our investment in July Systems represents our belief in the platform, the management team, and the mobile market," commented Updata Partner Carter Griffin. "July Systems has a seasoned and highly experienced team, a market-leading product, and a top-tier, global customer base."
The mobile market continues to grow at an exponential rate and July Systems aims to capitalize on this by providing an all-in-one platform that businesses can use to build, manage and update live mobile services in real-time.
Westbridge's investment in July was made via its evergreen fund, which closed in August. The vehicle is managed by Sumir Chadha, the firm's founder and managing director, alongside K.P. Balaraj, S.K. Jain and Sandeep Singhal. The four merged Westbridge with Sequoia six years ago, but then departed the VC firm in February to relaunch Westbridge.
Westbridge's investment policy is to be the second largest stakeholder (after the founder) in its investee companies. Equity ticket prices range from $10-50 million.
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