Sourcebits Secures $10 Million Investment from Sequoia and IDG

A new era: Sequoia and IDG invest on Sourcebit

Today, just a couple weeks removed from our 5th birthday celebration, Sourcebits is proud to announce that we have received a venture capital investment of $5 million each from Sequoia Capital and IDG. This marks Sourcebits’ first ever large-scale investment from outside firms, and we couldn’t be more excited! We’ve got big plans for the cash, including expanding our sales and development presence in the US, further strengthening our teams in India and growing our profile in Europe. We’re already a worldwide company, but now we have the resources we need to become a true global force in mobile, tablet and web development.

That’s not all though, as we’re also setting aside a portion of the funds to host a development contest where we scour the planet for top talent with amazing ideas and give them an opportunity to make their dreams come true. We’ll have more details on that soon, but if you’ve got an idea floating around in your head that you’ve always wanted to make but never had the resources then stay tuned, your big break may be coming very soon.

As we reflect over these past five years we can’t help but note how fortunate we are to be in this position today. Sourcebits literally started in a garage, when founder Rohit Singal decided to forgo a promising career in medicine to follow a dream to work in the emerging smartphone market. He started small, took some big risks, and ultimately formed a company that today stands ready to take its place amongst the giants of development. It’s been a lot of ambition, hard work and even a touch of good luck, but it’s also a success story for anyone with big dreams and the drive to see them through.

We also want to take a moment to thank all the friends, family, partners and clients who have helped us get to where we are today. Loved ones have put up with us through long nights and lost weekends, while our business partners took a chance on us and were rewarded with our absolute best efforts. Today, we continue with our strategy of helping others make amazing products while working on incredible projects of our own, and this substantial investment will put us in position to tackle even bigger and more ambitious concepts.

We couldn’t be happier with the past five years, and in light of today’s news we’re looking forward to seeing what the next five hold. For everyone who’s believed in us along the way, thanks for being there, we promise we’re not going to let you down.