Rave Wireless Completes Series A Round of Financing from Bain Capital Ventures and Sigma Partners; $5 Million to Launch New Platform Empowering Youth to Find and Share Location-Based Information with Mobile Phones

Business Wire, August 25, 2005

NEW YORK -- Rave Wireless Inc., today announces that it has raised $5 million in venture capital funding from Bain Capital Ventures and Sigma Partners. Rave is led by CEO and serial entrepreneur Rodger Desai along with telecommunication entrepreneurs Ghen Saito and Raju Rishi. Shikhar Ghosh, founder of Open Market, serves as Chairman.

Rave Wireless provides the easiest way to find, create, and share time and location-based information with mobile phones. Rave has partnered with leading global wireless carriers to ensure its platform is integrated with the carriers' location-based and presence services. Rave's services are initially targeted at North American youth and their universities.

"We couldn't be more thrilled that Bain Capital Ventures and Sigma Partners share our belief that the mobile phone will continue to develop and transform the way people interact with each other and their communities," said Rave CEO Rodger Desai. "Today's youth is leading the way in defining a mobile lifestyle that will become commonplace."

"We're always excited to work with entrepreneurs we've backed before, and in this case we are even more excited about a company that truly understands the potential of wireless for consumers; they have an incredibly strong understanding of the youth market," said Bob Davoli, Managing Director, Sigma Partners.

"We couldn't imagine a better team than a proven wireless entrepreneur like Rodger Desai and a technology visionary like Shikhar Ghosh," said Ajay Agarwal, Venture Partner at Bain Capital Ventures.

Rave Wireless's management team is comprised of some of the most experienced executives in wireless and consumer technologies in the US. Prior to Rave Wireless, co-founders Rodger Desai and Ghen Saito founded Vettro Corporation, one of the leading wireless enterprise application companies.

About Rave Wireless, Inc.

Rave Wireless is the leader in offering services that provide today's youth with an easy way to find, create, and share relevant time and location-based information with mobile phones. Led by a world-class team, Rave Wireless is headquartered in New York, NY and maintains an office in Cambridge, MA. For more information, please email info@ravewireless.com or visit www.ravewireless.com.

About Bain Capital Ventures

Bain Capital Ventures, the venture capital arm of Bain Capital, leverages the institutional advantages and consulting-based approach of Bain Capital to build industry-leading businesses. Focusing on sectors such as software, wireless, healthcare, business services, and consumer, Boston-based Bain Capital Ventures benefits from the broader resources of Bain Capital, which includes over 160 investment professionals, a network of over 225 portfolio companies, over $23 billion of assets under management, and the knowledge from 20 years of successful venture investing. For more information, visit www.baincapitalventures.com

About Sigma Partners

With offices in Boston and California, Sigma Partners is an early-stage, high technology, venture capital firm aimed at helping entrepreneurs achieve their dreams. The Company's investment strategy is to identify, invest in, and provide support and constructive counsel to companies

with exceptional management strength and growth prospects. Because of Sigma Partners extensive knowledge and experience in the fields of computers, electronics, software, and communications, they invest primarily in technology-based companies. However, the Company will continue to invest in non-technology companies that represent outstanding opportunities. Sigma pursues a balanced portfolio and is comfortable working with ventures of all stages. With $700 million under management, Sigma made first round investments in many of the Internet's early success stories like PSINet, Vermeer Technologies, ISS Group and Vignette as well as other industry leaders like Storage Networks, International Network Services, XIOtech, Cascade Communications and Atria Software. More information on Sigma Partners can be found at www.sigmapartners.com.