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LocaModa Inc. reports it has added $1.5 million in debt, equity and warrants to a venture capital round it started last May, bringing the round near $1.7 million. Investors include Dace Ventures of Waltham.
LocaModa started in 2003 and raised $6.2 million [PDF link] in 2007. The Cambridge company makes what it calls “place-based social media”: massively multi-player mobile game and social network software designed to let dispersed cellphone users interact via display screens in bars, convention centers, stadiums, public squares and other public places. In 2009, LocaModa reported adding $900,000 in venture funding.
LocaModa is reported to be growing: the company recently expanded to fill its entire space on Sidney Street in Cambridge’s Central Square, according to three smaller startups that formerly sublet space from the company there.
However, LocaModa CEO and co-founder Stephen Randall declined to comment for this story, except to say in an email that the company “has not raised new funding,” and today’s filing represents “an internal transaction.” He would not elaborate. Randall is a former co-founder of Symbian, a UK mobile operating system maker acquired by Nokia Corp. (NYSE: NOK).
Randall’s co-founder at LocaModa, BBN Technologies veteran Steven An, said in an email that he had recently left his “daily role” as CTO at the company but remains an advisor.
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