Truecaller, a global crowdsourced phone directory, with millions of users that currently perform more than 120 million searches each month, has just announced receiving $1.3 million in Series A funding by Open Ocean, a leading investor in European software start-ups with large user bases or communities.
The partners of Open Ocean have a background in MySQL AB.
The funds will further boost Truecaller’s product development and international expansion in key markets North America, Asia and the Middle East.
Truecaller recently reached a milestone and passed 5 million users and is experiencing exponential growth.
“With the new funding and strong support from Open Ocean we will be able to further strengthen our expansion in key markets, and realize our vision to change the way people search and connect to each other on both a local and global level.”, said Alan Mamedi, CEO of Truecaller.
“We are excited to invest in Truecaller, as the company aims to deliver a service that is valuable for every citizen as well as all businesses in the World. Truecaller is a perfect fit for Open Ocean Fund Three’s investment focus, developing a rapidly scalable business on the basis of a crowdsourcing strategy and high virality.”, said Ralf Wahlsten Open Ocean Partner.
“We believe that Truecaller is positioned to be the leading service in the global mobile white pages industry.”, Wahlsten added.
Truecaller is a global crowdsourced phone directory available on iPhone, Android, Symbian (S60 & S40), Blackberry, Windows Phone and on the web.
Open Ocean on the other hand is a leading early-stage venture capital company with a particular emphasis on European software start-ups deploying user base or community business models.