Onavo Closes $10m Series B Round

Financing secured from Horizons Ventures, Motorola Mobility Ventures and existing investors Magma Venture Partners and Sequoia Capital

Onavo, the mobile data saving experts, announced that it has secured $10 million in Series B funding. Horizons Ventures, the private investment arm of Mr. Li Ka-shing, led the investment along with Motorola Mobility Ventures, the strategic equity investment arm of Motorola Mobility, Inc. (NYSE: MMI). Previous investors Sequoia Capital and Magma Venture Partners also participated in the round. Jason Wong from Horizons Ventures has joined Onavo’s board of directors as part of the round.

Onavo, which offers free apps to stretch data plans and save on mobile data costs, plans to use the additional funds to continue to expand its product offering and reach. The Onavo iOS app, which compresses mobile data by up to 80%, and the Onavo Android app, which includes crowdsourced information on each app to warn of data hogs, have been hugely popular since launching in 2011, saving mobile users more than 5 million dollars in data charges.

Jason Wong of Horizons Ventures commented, “Mobile data use continues to grow exponentially, which creates issues for carriers and consumers alike. With that backdrop, we believe Onavo's unique data compression solution will prove compelling to both carriers and consumers.”

Wallace Pai, vice president of Corporate Development for Motorola Mobility and Executive Managing Director of Motorola Mobility Ventures, added, “We were impressed by the simplicity and effectiveness of Onavo’s mobile apps, which address a real problem for billions of consumers – the cost of data. We are very excited about joining Horizons Ventures, Sequoia Capital and Magma Venture Partners in investing in this very promising company, which we believe provides an elegant solution as consumers increasingly use mobile data in their everyday lives.”

Onavo co-founder and CEO Guy Rosen commented, “The cost of data is an issue for mobile users and carriers all over the world. As the leading service to help consumers get more out of their data plans, we are thrilled to bring on board leading partners from both Asia and the US, and to have the ongoing support of our existing investors.”

To download the free Onavo apps for iOS or Android, please visit: http://www.onavo.com/

About Onavo
The mobile data saving experts, Onavo has a range of simple apps, insights and advice that put smartphone and tablet users in control of their mobile data usage. Using advanced compression and analytics technology, Onavo helps you get more data for less money. To learn more about Onavo, visit www.onavo.com

About Horizons Ventures
Based in Hong Kong, Horizons Ventures manages the Internet & technology investments of Mr. Li Ka-shing globally, and is an early investor in a number of household names such as Facebook, Spotify and Siri.

About Sequoia Capital
Sequoia Capital provides venture capital funding to founders of startups who want to turn business ideas into enduring companies. As the "Entrepreneurs Behind the Entrepreneurs," Sequoia Capital's Partners have worked with innovators such as Steve Jobs of Apple Computer, Larry Ellison of Oracle, Bob Swanson of Linear Technology, Sandy Lerner and Len Bozack of Cisco Systems, Dan Warmenhoven of NetApp, Jerry Yang and David Filo of Yahoo!, Jen-Hsun Huang of NVIDIA, Michael Marks of Flextronics, Larry Page and Sergey Brin of Google, Chad Hurley and Steve Chen of YouTube, Dominic Orr and Keerti Melkote of Aruba Networks, Jonathan Kaplan of Pure Digital, Tony Hsieh of Zappos, Omar Hamoui of Admob and Steve Streit of Green Dot. To learn more about Sequoia Capital, visit www.sequoiacap.com.

About Magma Venture Partners
Magma is Israel's leading early-stage venture capital firm specializing in investments in new media, semiconductors, software as a service (SaaS) and communication. We seek bright ideas, infuse them with experience and foresight, and facilitate their rise as industry leaders that redefine the global communications sector. Magma was the first to identify and started some of the most innovative and successful Israeli-related early-stage startups, including Provigent, Wintegra and Waze. To learn more about Magma Venture Partners, visit www.magmavc.com.

About Motorola Mobility Ventures
Motorola Mobility Ventures is the global, strategic equity investment arm of Motorola Mobility. Its diversified portfolio focuses on “new-idea” companies and opportunities that complement Motorola’s business strategy. Motorola Mobility Ventures invests at all stages in developing companies to accelerate access to new technologies, new markets and new talents. For more information, please visit www.motorola.com/ventures.

About Motorola Mobility
Motorola Mobility, Inc. (NYSE:MMI) fuses innovative technology with human insights to create experiences that simplify, connect and enrich people's lives. Our portfolio includes converged mobile devices such as smartphones and tablets; wireless accessories; end-to-end video and data delivery; and management solutions, including set-tops and data-access devices. For more information, visit motorola.com/mobility.