Coveroo Secures $2.3 Million in Series B Funding

Round Led by Rembrandt Venture Partner

SAN FRANCISCO--(BUSINESS WIRE)-- Coveroo, creator of the highest-quality customized covers and cases for mobile phones and consumer electronic devices, today announced it has closed $2.3 million in Series B funding. The round was led by Rembrandt Venture Partners which also led funding of Coveroo’s Series A round in September of 2009. Several existing investors including Consor Capital LLC and Karl Jacob also participated in the round. Coveroo plans to apply the new capital toward scaling its e-commerce business, corporate sales, unique in-store kiosk line and live events business.

The additional investment comes at a time when Coveroo has more than tripled its customer base and signed key partnerships with Major League Baseball, the National Basketball Association, Marvel Entertainment and several others. The company has also added thousand of new designs to its portfolio, established kiosks in major retail locations and expanded its live events business to include video game premieres, movie launches, handset launches and popular concerts such as the Coachella Music Festival.

“We’re thrilled with the success and momentum Coveroo has generated on their mission to customize and personalize the world’s electronics,” said Richard Ling, general partner at Rembrandt Venture Partners. “With strong sales to date, unique technology and great partnerships, Coveroo is well positioned to lead the personalization space.”

“As consumers look for new ways to express themselves, Coveroo meets this market with the right set of products and a great team,” said Jay Huffard, manager at Consor Capital LLC. “We are very enthusiastic about Coveroo and their opportunity to shape the future of personalized consumer electronic products."

“After assembling a great team, we’ve come a long way in 18 months and the momentum is showing no signs of slowing,” said Coveroo CEO Karl Jacob. “We’re not only signing exclusive design deals with some of the most popular properties in sports, TV and movies, but we’re also securing in-store and on-demand opportunities that expose our high-quality brand to millions of consumers.”

Coveroo creates customized covers and cases for all major cell phone brands including iPhone, Blackberry, Nokia, Motorola, Samsung and HTC. Coupled with its catalog of more than 3,000 exclusive designs, Coveroo offers the widest selection of customized covers and cases available. Designs include exclusive images inspired by World Soccer Teams, Major League Baseball, National Basketball Association, Barbie, Star Trek and The Simpsons. Coveroo also gives customers the ability to submit user-generated designs.

HOW IT WORKS

To get a Coveroo case, customers select their phone type at Coveroo.com, then choose from more than 3,000 designs or send in their own design. Coveroo will customize the cover or case and ship it within 48 hours. Customers do not have to send their phone to Coveroo.

For iPhones and other devices that don’t have removable covers, Coveroo customizes high-quality cases manufactured by reputable brands. For devices with removable covers like Blackberry, Coveroo customizes and replaces the original backs or battery covers so the design becomes an interchangeable accessory and doesn’t add any bulk.

THE TECHNOLOGY

Coveroo engraves designs onto covers and cases using the company’s laser technology or proprietary HighColor process. HighColor yields stunning imagery on the phone cover with more than 65,000 colors that won't fade, rub off or peel like alternative products.

ABOUT REMBRANDT VENTURE PARTNERS

Rembrandt Venture Partners (RVP) was established in 2004 to provide private equity capital to early stage technology companies. Rembrandt invests in a variety of sectors including Internet infrastructure, application software delivered as a service, communications, next generation wireless sectors and new media convergence.

As many venture funds have dramatically increased in size and angel investment activity has declined over the past few years, a void has developed in the market. Rembrandt believes there is a substantial opportunity for a fund focused on early company building. We are focused on being the firm of choice for providing capital, support and expertise to the best entrepreneurs in Silicon Valley.

ABOUT CONSOR CAPITAL LLC

Consor Capital LLC was formed by Josh and Jay Huffard to invest in early-stage companies serving consumers and small businesses. Consor seeks to partner with companies run by strong leaders, focused on rapidly changing markets and leveraging technology as a key aspect of their business model. Josh and Jay both play primary roles in seeking investments and building long term equity value. Current representative investments include Piedmont Community Bank Holdings, Cloudmark, Horizon Fuel Cell and Safe Harbor. For a full list of portfolio companies see www.consorcapital.com.

ABOUT COVEROO

Coveroo creates customized covers and cases for mobile phones and devices using its proprietary laser engraving technology and HighColor process that won’t fade, peel or rub off. Because of Coveroo’s dedication to quality, many organizations have awarded the company exclusive licensing deals. The company was founded in San Francisco in October 2008 by seasoned start-up veterans Karl Jacob, Ben Katz and Mark Halstead. Learn more at www.coveroo.com.

CONTACT:

For Coveroo
David Cumpston, 415-277-4917
coveroo@allisonpr.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:   Women  Technology  Online Retail  Mobile/Wireless  Teens  Retail  Consumer  Men

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