Thursday, July 9, 2009

Modiv Media rings up $1.2M in new funding

By Rodney H. Brown

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Modiv Media, a Quincy-based maker of wireless shopping and promotional platforms for retailers such as Subway and Stop & Shop, has raised $1.2 million of a $2.5 million funding round.

There were three investors in the round, although federal documents did not name them. The three investors in Modiv Media’s January 2008 round worth $8 million were Ignition Partners and Seapoint Ventures, both of Washington, and Oak Investment Partners of Westport, Conn.

Steven Hooper, a partner at Ignition, and Thomas Huseby, managing partner of Seapoint, are both listed as directors of Modiv Media in the latest filing.

Also in January of 2008, Modiv Media rolled out its first commercial deployment of its Modiv Shopper to 100 Stop & Shop grocery stores in New England. The project was completed with the help of development partner Motorola Inc., which provided the hardware, its MC17 mobile computer.

Originally founded as MobileLime Inc., Modiv Media merged in 2007 with Boston-based Cuesol Inc., maker of electronic personal shopping products such as wireless cart-mounted touch screen browsers, in-store kiosks and web applications.