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WeFi Secures Round B Funding to Expand R&D, Marketing, and Business Partnerships

August 4, 2009

DOVER, Delaware, August 4 /PRNewswire/ — WeFi Inc.
(http://www.wefi.com), creator of the world’s largest community-based global
Wi-Fi network, announced today that it has secured an undisclosed amount of
second round funding. The funding round was led by venture capital firms
Lightspeed Venture Partners and Pitango Venture Capital. The funding will
support WeFi’s business and financial needs, and is being allocated toward
expanding development, marketing efforts, and strengthening strategic
business partnerships.

The financing round continues an eventful year thus far for WeFi, which
has announced a number of new launches over the last few months, including a
version of its software for the Google Android mobile operating system, an
integration with mobile VoIP provider fring, the launch of WeROK – a mobile
entertainment and communications portal powered by WeFi’s community-generated
Wi-Fi network, and the opening of WeFiApps, a Wi-Fi powered application store
for data-intensive mobile applications.

After having established itself as a leader in bringing open Wi-Fi
hotspots to people around the world, WeFi has in the past year significantly
penetrated the mobile market as well, making finding and connecting to a
Wi-Fi hotspot easy for mobile users. WeFi automatically connects the user to
the best connection available, as opposed to the tedious, multi-step process
that previously existed. WeFi always seeks to connect users to Wi-Fi access
points where Internet access has already been verified by other WeFi-enabled
devices – dubbed “community-verified spots” – in a growing network of 30
million access points recorded. In addition, WeFi recently released its first
generation of carrier-grade solutions for offloading mobile Internet traffic
from congested 2G, 3G and in the future 4G networks onto Wi-Fi access points.

WeFi was established in February 2006. The company is incorporated in
Delaware, U.S. with R&D facilities in Israel.

Barry Eggers, Managing Director at Lightspeed Venture Partners,
commented: “We are thrilled to lead this round of funding together with
Pitango and invest in an outstanding company such as WeFi, with whom we’ve
had a close relationship the last 3 years. With the current sharp increase in
mobile Internet use, a trend that is expected to continue over the next few
years, increased Wi-Fi availability is instrumental in unleashing mobile
Internet applications and services. It is clear to us that WeFi is well
positioned to become a true global industry leader.”

“Using its innovative technology, WeFi is the only company today, that
has a solution for consumers, handset manufacturers, wireless applications
and carriers to use mobile Internet, faster, easier and everywhere,” said

Rami Kalish, Managing General Partner & Co-Founder, Pitango Venture Capital

“We are delighted to keep working with top tier investment partners like
Lightspeed and Pitango,” said Zur Feldman, CEO of WeFi. “With our rapidly
growing number of users, and our ever expanding database of Wi-Fi access
points record around the world, WeFi is providing the fastest, easiest and
most reliable mobile Internet experience available. The new capital will help
WeFi expand its technology reach to additional platforms, to accelerate sales
and marketing worldwide, to support new partnerships, and to continue to
spread our innovative technology. These funds will support the company’s
growth over the next couple of years,” added Feldman.

About WeFi Inc.

WeFi Inc. is the creator of the world’s first global open Wi-Fi network.
Leveraging the power of Wi-Fi, WeFi brings wireless Internet communications
to everyone, everywhere with software that enables automatic connection to
the best Wi-Fi hotspot around. WeFi also helps to alleviate traffic away from
congested cellular networks, by providing an avenue to mobile Internet via
Wi-Fi that is fast and easy-to-use. WeFi is driven by a social network, whose
members benefit from a fun and interactive experience, while helping to build
a truly seamless global Wi-Fi network by mapping open access points in any
given location worldwide. WeFi was awarded the Forum Nokia “Application of
the Year – EMEA” award for 2008. For additional information on WeFi, please
visit: http://www.wefi.com.

SOURCE WeFi Inc


Source: newswire



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