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Posted November 19, 2012

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Investment

Government of Canada Supports Cambridge Cell Phone Technology Development

Cambridge — Gary Goodyear, Minister of State for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), announced a Government of Canada investment for Fongo Inc. that will help the company expand the reach of its unique mobile application.

"Our Government's top priority is jobs, growth and long-term prosperity for Canadians," said Minister of State Goodyear. "Our investment in Fongo's latest innovations will benefit the company, and it will also have a large impact on southern Ontario's competitiveness, through unique next-generation applications."

Fongo is a mobile communications company that provides affordable calling and messaging to most of Canada through a free smartphone application. The Fongo application installs easily and lets customers talk and text using their existing data plan or nearby Wi-Fi connection, instead of more expensive voice minutes. This allows Fongo Inc. to offer highly competitive rates on local and long-distance calling and text messaging.

Fongo has partnered with established companies to co-brand the service. With Dell Canada, Fongo launched Dell Voice in February, and the application is currently available for iPhone and Android users. Through FedDev Ontario's Investing in Business Innovation initiative, Fongo Inc. is receiving a repayable contribution of up to $850,000 to research and develop the next-generation of the mobile service.

"Fongo offers a unique business model for telecommunications, but our drive to innovate doesn't stop there. Fongo is focused on building mobile experiences that make communicating not only cheaper, but smarter, more social, and more intuitive," said Jody Schnarr, CEO of Fongo Inc. "The government's support of Fongo is critical to powering that innovation. The FedDev Ontario investment will directly lead to job growth and furthering southern Ontario as a global leader in mobile communications."

Fongo Inc. is receiving $1.7 million from private sector investors in the Cambridge and Waterloo area, including venture capital firm Tech Capital Partners and members of the Golden Triangle Angel Network and Angel One Investor Network.

Submit press release to pressrelease@exchangemagazine.com - Editor Jon Rohr - Content published on this site represents the opinion of the individual/organization and/or source provider of the Content. ExchangeMagazine.com is non-partisan, online journal. Privacy Policy. Copyright of Exchange produced editorial is the copyright of Exchange Business Communications Inc. 2012/*.*. Additional editorials, comments and releases are copyright of respective source(s) and/or institutions or organizations.

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