According to peHUB, Pongr, an image recognition-based mobile marketing platform, is “looking to take on new institutional and angel investors as it seeks to raise under $3 million in its Series B round.”
In the peHUB article yesterday, “Scoop: Pongr Switches Gears, Seeks Series B Funding,” Pongr CEO Jamie Thompson was quoted to say that in the past the company completed one round from an angel investor and has a convertible noteholder.
Also discussed in the article was the company’s move this year to their current business model around mobile image recognition technology and its relation to advertising as well as a mobile game. Previously, Pongr’s model was focused on price comparisons. The article also reported on the company having developed an image recognition tool that adapts television commercials into direct-response mobile messages. No details on how that technology would be integrated into their model were provided.
Pongr is based out of Boston but its co-founder Zach Cox, a native Iowan, moved back to Iowa earier this year to lay roots for a Des Moines office. (See our article: “Pongr’s Zach Cox talks about mobile tech & expanding Iowa team.”) We reached out to Cox for comments, but he was unable to provide any official additional comments on the matter at this time.
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To learn more, read the peHUB article today (or very soon) as they’ll put it behind a paywall in the coming week:
Scoop: Pongr Switches Gears, Seeks Series B Funding
December 28th, 2010
By Jonathan Marino
Pongr’s founders didn’t take long to realize the price-comparison business on mobile applications wasn’t getting them far enough.
“We had originally done price comparisons” exclusively, said Jamie Thompson, founder and CEO of the company. “But unless you’re selling the end product, it’s tough making money.”
Then, Thompson and fellow Pongr pros Neal Checka and Zach Cox […]
