Durham-based PowerByHand has changed its name to Motricity and closed $27 million in venture funding led by Silicon Valley-based Technology Crossover Ventures (TCV). Existing investors also participated in this round, including New Enterprise Associates (NEA), Intel Capital, Massey Burch Capital, Noro-Moseley Partners and Wakefield Group. Motricity will use the money for marketing, acquisitions and further expansion overseas.
Since 2001, Motricity has followed an aggressive growth strategy through a number of acquisitions and mergers. Following this recent round of funding, Motricity's Board of Directors includes:
- Ryan Wuerch, chairman & CEO, Motricity
- Jud Bowman, president & COO, Motricity
- Will Griffith, general partner, Technology Crossover Ventures
- Suzanne King, partner, New Enterprise Associates
- Steve Nelson, General Partner, Wakefield Group
- Townes Duncan, president, Solidus Company
- Rick White, CEO, TechNet, former U.S. Congressman
Motricity is a CED member.