KPG Ventures Announces $1.25 Million Funding of Lexy, a Seed-Stage Company Changing the Way People Use Their Mobile Phones to Access News and Information

SAN FRANCISCO KPG Ventures, a venture capital firm specializing in seed-stage, consumer internet technology companies, today announced it has funded Lexy, a company that provides a rich, mobile publishing solution which creates free, on-demand access to the Web’s audio news and entertainment served directly to any mobile phone. Lexy will use KPG’s seed-stage $1.25 million investment to increase its subscriber base and revenues.

Lexy is changing the way people use their mobile phones to stay in touch with what’s happening in their world. With a focus on making the mobile experience richer and more satisfying, Lexy offers content creators a text and audio mobile publishing solution. In turn, mobile consumers have a quick and easy way to access fresh, short-form news and entertainment via their mobile phone.

With Lexy’s Quikcasts™, consumers create a playlist of their favorite short-form media by subscribing to various audio feeds either on a publisher’s site, on lexy.com, or on the Lexy phone service itself. Each time a new episode or updated information is released, Lexy alerts the subscriber by text or email, depending on an individual’s preference. Consumers can then listen to the newest episodes on their mobile phone or via the Web. Quikcasts makes it convenient to get consumers information that interests them, while eliminating the hassle of downloads, sync-ing, and cables.

“KPG Ventures understands our business and our vision to offer people a communications technology tool that can make their lives simpler while enriching their Web and mobile experience,” said Lexy co-founder, Fred Campbell. “KPG’s commitment to helping us fulfill our mission and its understanding of the broad appeal of our free service is refreshing.”

Rather than offer a typical quote for a press release, Dave Hills, general partner for KPG Ventures, has shared his thoughts on KPG’s investment in Lexy in his Quikcast, “A Moment with Dave Hills.” To listen and get a taste of Lexy, call 415-599-4423 or visit http://www.lexy.com/profile?id=639.

Lexy is the brainchild of Fred Campbell and Tony Levitan, who were classmates at the Stanford University Graduate School of Business before founding Egreetings Network, the company that was instrumental in creating the Internet’s pervasive digital greetings category. After six years at Egreetings, they were inspired to launch Lexy, which is comprised of Internet, music, communications, technology, and advertising veterans alongside a crew of recent college grads.

Founded in 2006, KPG Ventures is a San Francisco-based venture capital firm. KPG focuses on the consumer Internet sector of technology-driven businesses, investing at the seed-stage cycle of a company’s development. With a proven track record of picking the right companies and teams who are focused on highly capital efficient opportunities that require little capital to reach profitability, KPG has launched many successful companies. The firm concentrates its efforts on a small handful of companies at a time so that it can leverage the strategic and operating expertise of its general partners.

For more information about KPG Ventures, please visit www.kpgventures.com. For more information on Lexy, please visit www.lexy.com.

Source: KPG Ventures