Naya Ventures, a new type of venture capital fund specializing in early stage companies in the mobile and cloud markets, today announced its first closing for its $50 million fund.
Headquartered in Dallas, Naya Ventures has offices in Silicon Valley, Seattle and Hyderabad, India. Combining the features of a venture capital fund with those of a private equity firm, Naya provides capital to early stage companie and also the industry experience and relationships at the concept stage.
The fund is led by serial entrepreneurs who are veterans in mobile and cloud technology industry and who have collectively founded and sold mobile technology companies creating more than $500 million in shareholder value. The fund is headed by Dayakar Puskoor, a wireless industry visionary and former Microsoft executive whose background includes founder and CEO of JP Mobile and M2 Junction; Prabakar Reddy, an experienced global executive with more than 20 years of strategy and operational roles in Fortune 500 and innovative start-up companies including co-founder and CIO of Risemartand managing director of ANSR Group, and Gowri Shankar, CEO of SinglePoint Technologies and a founding member of the Sprint PCS launch team, which laid the foundation for Sprint PCS’s industry-leading enterprise sales strategy.
In operation since 2011, Naya’s current portfolio consists of seven companies in the mobile and cloud market. These include BoxFish (formerly Mixaroo), a better way to control TV, Zoomingo, a top rated shopping app platform that lets consumers find the best deals in their local stores or online from their smartphone or home computer; and Glympse, a mobile service that allows GPS-enabled mobile devices to share their location via a web app for a pre-set amount of time. Additional companies are currently in the pipeline or under evaluation.
More on the Naya Ventures fund raise.