Sequoia, IDG Ventures to invest $5 million each in Sourcebits

Sequoia, IDG Ventures to invest $5 million each in Sourcebits

The investment will help Sourcebits expand its footprint globally and locally. The funds will be utilised to set up engineering and sales centres in the United States as well as augmenting a design engineering team in India and Europe, a release said here.

Sourcebits is the leading third-party developer of innovative applications for mobile devices, with 300 engineers and designers working on a strong global client portfolio.

"The company has developed over 300 apps, 20 of which are in the top 100 in leading app stores. We are happy to partner with the team at Sourcebits," Sequoia Capital Managing Director Shailendra Singh said.

IDG Ventures India Founder and Managing Director Manik Arora said, "Sourcebits stood out to us as the emerging global leader for third-party mobile application development. We are excited to partner with the home-grown entrepreneur Rohit Singal".

Sourcebits has built a strong line-up of apps for iPhone, iPad, Android, BlackBerry, Palm Pre and Windows 7 mobile platform using design lead engineering.