Waterloo's Kik Interactive has closed $19.5 million in Series B funding to "support continued platform development and drive the company towards monetization."
Kik says the round is led by Foundation Capital, with participation from original investors RRE Ventures, Spark Capital, and Union Square Ventures. Kik also announced the addition of Anamitra Banerji, partner at Foundation Capital, to its board of directors. Banerji joins the board to help guide and support Kik’s "exponential growth and continued innovation."
“This is an extremely exciting time for Kik. We’re seeing our user base grow like crazy as we continue building out what we believe is the best one-to-one messaging experience on mobile,” says Ted Livingston, CEO of Kik.
"The new funding will strengthen our development efforts as we begin to leverage Cards as one of our routes towards monetization," he added.
"Messaging is core to the mobile experience, and Kik is changing the way people - especially the 'born-mobile' generation - connect with each other and the apps they love," says Banerji. "There are similarities between Kik and Twitter when it comes to growth, engagement and vision. We are excited to help Kik bring its fast, simple and rich experience to every mobile user around the world."
Kik ranks 30th on the Canadian Startup Index.