Kik Secures $19.5 Million in Series B Funding Led by Foundation Capital, to Build the Kik Platform Around Its 50 Million Users
WATERLOO Kik Interactive has closed $19.5 million in Series B funding to support continued platform development and drive the company towards monetization. The round is led by Foundation Capital, with participation from original investors RRE Ventures, Spark Capital and Union Square Ventures. Kik is also announcing the addition of Anamitra Banerji, partner at Foundation Capital, to its board of directors.
Foundation Capital investors in high growth ventures such as Netflix, LendingClub, Chegg, MobileIron and Pocket is excited to partner with Kik. Banerji joins the board to help guide and support Kik’s exponential growth and continued innovation. He brings with him his vast experience as Twitter’s 30th employee and first Product Manager, where he spearheaded the creation of promoted tweets, promoted trends and promoted accounts.
Kik’s smartphone messaging platform seamlessly integrates HTML5 apps called Cards. The integration of the native Kik Messenger app with the Web-based Cards layer allows the company to quickly create and deploy cross-platform apps. Cards also make it super simple for users to instantly add and share fun and diverse experiences without installing anything new and without leaving the app.
Seeing tremendous growth, Kik recently surpassed 50 million users and is adding 200,000 new users per day. Cards are seeing excellent traction as well, with over 25 million Cards downloaded since the new feature launched in November 2012.
“This is an extremely exciting time for Kik. We’re seeing our user base grow like crazy as we continue building out what we believe is the best one-to-one messaging experience on mobile,” said Ted Livingston, CEO of Kik. “The new funding will strengthen our development efforts as we begin to leverage Cards as one of our routes towards monetization.”
"Messaging is core to the mobile experience, and Kik is changing the way people - especially the 'born-mobile' generation - connect with each other and the apps they love," said Banerji. "There are similarities between Kik and Twitter when it comes to growth, engagement and vision. We are excited to help Kik bring its fast, simple and rich experience to every mobile user around the world."