Tango Nabs $42M VC Funding

Colorado-based mobile video communications company Tango picked up a $42 million round led by Draper Fisher Jurvetson, and including Len Blavatnik and Alex Zubillaga. The company also revealed it would launch a free video calling service for PCs.

PRESS RELEASE:

Tango Raises $42 Million Series B Round
Tango has closed $42 million in its Series B round of funding, which will enable the company to deliver faster on its product roadmap. The investment was led by Draper Fisher Jurvetson, the first investors in Skype, and a venture capital vehicle led by noted investors Len Blavatnik and Alex Zubillaga. These investors have a deep understanding of the communications space and how to build and maintain great consumer brands that appeal to a mass audience internationally. They will help Tango continue its trajectory as the leader in mobile video communications.
“As one of the first investors in Skype, we see the enormous opportunity in front of Tango,” said Timothy Draper, founder and managing director of Draper Fisher Jurvetson. “Mobile is the new frontier and Tango simply has the best technology and product to allow people to make free video calls on their smartphones, tablets, and now the PC. We were so impressed with their team, technology, and aggressive product roadmap. Mobile video calling is the big trend of the year and we’re excited to see where Tango will take it.”
“Tango is exceptional not only because it marries a significant technological evolution with real market demand, but also because it is powered by the kind of authentic entrepreneurial drive that is required to succeed as a business,” said Alex Zubillaga. “Uri and Eric have built Tango on a real-world vision of what it takes for a start-up to achieve its greatest goals — and the Tango team has the capability to get it done.”
Tango has seen explosive growth since its launch on September 30, 2010, adding one million new people to the service every two weeks. Eighteen million people in 190 countries currently use Tango to make free mobile video calls wherever they are. Tango leads the mobile video calling industry, supporting hundreds of phones and tablets today and moving quickly to make the service available on all platforms.
Tango for the PC will be available as a free download later this summer at www.tango.me.
About Tango
Founded in September 2009, Tango is the leading mobile video communication service that enables people to connect with friends and family around the world in a way that is fun, easy, and spontaneous. Tango allows you to make free video calls and free phone calls on iPhones, iPod touch, and hundreds of Android phones and tablets, and provides high quality experience over 3G, 4G, and Wi-Fi. Tango lets people share everyday and special moments as they happen. With Tango you never miss a smile.
Over 18 million people in 190 countries already use the service. Tango delivers millions of minutes of voice and video calls each day, of which approximately 80 percent are video. Tango has raised over $47 million from leading venture capital firms and individual investors.