US-based narrrative web app technology developer Wrap Media has raised $12.7m in a series B round co-led by Raine Ventures, the venture capital arm of merchant bank Raine Group, and media company ProSiebenSat.1 Media.
Salesforce Ventures, the investment arm of enterprise software provider Salesforce; FF Angel, a seed-stage subsidiary of venture capital firm Founders Fund; incubator Dream Incubator and VC firm Transmedia Capital also contributed capital.
Angel investor Christoper Crain, executive vice president of publishing conglomerate Crain Communications, and other unnamed investors also participated in the round.
Founded in 2014, Wrap Media’s platform enables brands to create web-based interactive experiences that offer the same features as a native smartphone app. The web apps, dubbed ‘wraps’, are created once and can be accessed through a browser on any device.
Raine and FF Angel took part in a $3.5m series A round in February 2015 alongside Wrap founder and chief executive Eric Greenberg. Greenberg had previously supplied Wrap with $2.5m in seed funding.
Greenberg said: “With this new round of funding, we will be able to optimise our product features, grow the team and expand our go-to market strategy.
“From retail to leisure, advertising to publishing and more, we are excited to push mobile storytelling forward to deliver content combined with sophisticated computing functionality in a beautiful user experience that all mobile users deserve.”