An SEC filing has revealed that video ringtone sharing community Vringo has filed to raise an estimated $64.3 million via an initial public offering of stock and warrants.
The company plans to trade on NASDAQ, with Maxim Group serving as lead underwriter. Vringo shareholders include Warburg Pincus, who invested $12 million for a 31.9% ownership stake, and undisclosed private investors.
Vringo operates an online video ring tone sharing community, providing a hosted and client-server-based solution, which allows users to find, choose, create, and share video ringtones. The company provides mobile phone video sharing, and video ringtones and video download solutions. Its content includes licensed material from televisions, movies, and music videos, as well as user generated clips.
Vringo says its application, which is available for Android in beta, is compatible with more than 300 handsets. The company makes money by offering the service through mobile-operator partners and splitting the revenue.
That revenue isn’t yet enough to put the company in the black for now: for 2009, Vringo reports an operating loss of $3.5 million.
Vringo was founded in 2006 and is based in New York. We’ve tracked about $17.3 million worth of investments in the company in CrunchBase.
Vringo’s chief executive is Jonathan Medved, one of Israel’s leading serial entrepreneurs and venture capitalists. Medved founded Israel Seed Partners in 1995 in his garage and co-managed the fund until January 2006. Israel Seed has $262M under management in four funds and has been an investor in some 60 Israeli companies. Exits include: Shopping.com (acquired by Ebay), Compugen (Nasdaq: CGEN), Answers.com (Nasdaq: ANSW) and Business Layers (acquired by CA).
In other words: this isn’t exactly the first exit endeavor for the man.
You can see a MarketWatch interview with Medved here.
(Via Wall Street Journal)
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