BlueCrest Capital Finance Supplies $10 Million in New Debt Financing to kajeet®
In a New Year venture lending deal, BlueCrest Capital Finance, L.P. provided $10 million in new debt financing to kajeet, the first pay-as-you-go cell phone service made from a kid’s point of view and an early success in the mobile virtual network operator (MVNO) market. kajeet has previously raised nearly $64 million in venture capital funding.
"Since securing our Series B round of funding within six months of our national retail debut, kajeet continues to attract enthusiastic investors even in a challenging 'credit-crunched' market," said David Collier, Vice President of Finance and Business Operations for kajeet. "The BlueCrest Capital Finance team is highly organized and possesses an exceptional knowledge of the wireless market, which is exactly what we were seeking in a partner to help kajeet continue to thrive and extend its service offering to kids and parents."
Headquartered in Bethesda, MD, kajeet is the first pay-as-you-go cell phone service made from a kid’s point of view. Unique among pay-as-you-go services, kajeet has developed Web-based parental controls available that offer countless ways for tweens, teens and their families to tailor the service to meet their specific needs. With kajeet, kids get the full-featured phones they want plus a wide range of mobile content and services, while parents enjoy no long-term contracts or surprise bills and can easily manage budget and usage through the exclusive Web-based kajeet Configurator. The kajeet service and phones are available at Best Buy, Target, Toys "R" Us, Limited Too and Longs Drugs Stores and at www.kajeet.com.
"2007 brought the demise of many niche-focused MVNOs, but kajeet stands out for its early success and rapid pace of accomplishments, which include gaining tremendous retail presence as the only MVNO to achieve nationwide retail distribution with some of the largest retail chains," said Michael Marziani, Managing Director of BlueCrest Capital Finance. "The tween market totals over 20 million children and is the fastest growing age category of mobile users."
Founded in 2003, kajeet may be based in Bethesda, MD, but kids are the center of our universe. kajeet is the pay-as-you-go cell phone service made from a kid’s point of view, a new word for a new world of mobile entertainment, customization and communication. With kajeet, kids get full-featured phones and a service built expressly for them, and parents can feel good about easy-to-use parental control features with no long-term contracts and no surprise bills. Oh, and no buzzwords. No kidding. kajeet and kids: use it for talking, use it for texting, use it for sharing, use it for playing ... use it for good.™ Parents can find kajeet at more than 3,000 select retail locations nationwide including Best Buy, Target, Toys R Us, Limited Too, and Longs Drugs Stores, as well as online at kajeet.com.
Daniel Neal, PR@kajeet.com