10up Merges With Fueled, Backed by Insignia Capital
10up, a leading development agency and contributor to the WordPress project, has merged with Fueled, a technology consultancy that specializes in mobile and web application development. Together, the companies now employ more than 400 full time team members, forming a digital powerhouse with expanded market reach across mobile and publishing sectors. “Fueled has built stand out iOS and Android apps – several of which I’ve personally used – for clients like Warby Parker, Verizon, the United Nations, and even Apple themselves,” 10up President Jake Goldman said. “Just as 10up has built some great mobile applications, Fueled has executed notable works in the web application space for clients like Wall Street Journal and The New York Times – but content management systems and editorial experience has never been a core focus and strength. Until now.” The merger transaction was made possible by investment from Insignia Capital, a firm that previously invested in Fueled. Insignia has made Fueled’s merger with 10up its first major growth investment, paying to restructure the companies’ ownership model. All parties invested in the merger hold meaningful shares, with none of them holding a majority share. Goldman said 10up owners rolled over meaningful equity into the joint business, “but there was also a very healthy purchase of 10up equity…
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