Phunware, Inc.

10.1% of portfolio as of 3/31/19

Merged with Stellar Acquisition III - December 2018

Phunware is a mobile app developer and a pioneer of Multiscreen as a Service (MaaS) — a mobile services platform that enables clients to interact with customers and manage their brand across multiple screens and devices.

With the explosion in mobile computing, companies need ways to reach their target audiences on any device — not just on PCs but on cellphones and tablets as well. Spending on mobile services is expected to hit $32 billion by 2018 and mobile ad spending is expected to account for half of all internet advertising spending. That creates a tremendous market opportunity for a company like Phunware that offers both an integrated MaaS platform and development of applications to run on those multiple devices. Phunware has provided multiscreen infrastructure and application development for many well-known customers, including NASCAR, the WWE, ESPN, E! Entertainment, NBC Sports, Warner Brothers, and AT&T.

In March 2018, Phunware announced it was merging with Stellar Acquisition III. The merger was completed on December 26, 2018, and Phunware common stock now trades on the NASDAQ under the symbol "PHUN."

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