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Transaction Wireless Secures Venture Funding
Dec 14, 2009 (Close-Up Media via COMTEX) --
Transaction Wireless (TW), a mobile infrastructure, commerce and marketing company, announced an additional $2 million in funding from Mission Ventures and Okapi Ventures.
The two venture capital funds co-led the Series A funding and Leo Spiegel, managing partner of Mission, and Marc Averitt, co-founder and managing director of Okapi have served on the company's board of directors since 2008.
Since the initial Series A funding, Transaction Wireless has launched both the wCharge Credit Card Terminal by Transaction Wireless and the wGift Platform. wGift is a mobile stored value CRM platform allowing retailers to create a one-to-one customer marketing capability via mobile phones through the sale, delivery and management of gift cards and loyalty programs. Agreements announced to date include AMC Theatres, a theatrical exhibition and entertainment company, and Bass Pro Shops, an outdoor retailer. wCharge allows small merchants to accept credit card payments virtually anywhere, safely and conveniently using only a mobile phone. wCharge has included agreements with PayPal, AT&T and Verizon and is available on the iPhone and Android platforms.
"As we all know, we all continue to be faced with an extremely tough economic climate," said Bruce Springer, CEO, Transaction Wireless. "We're thankful that we chose the right partners early on - Mission and Okapi - who have been true partners from the beginning, adding value and resources to our management team's expertise to make Transaction Wireless successful. With their ongoing support, TW will continue to realize its potential and help retailers reduce their costs and improve their bottom line."
Transaction Wireless' funding will be used for ongoing technology and customer deployment, sales and marketing.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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