Mocapay Secures $3.0 Million in Funding
Gail Chiasson, North American Editor
Denver, Colorado-based Mocapay, offering mobile gift, loyalty, and marketing, has closed $3.0 million in funding from Spartan Mobile, Lacuna and other investors.
“We look forward to Spartan Mobile’s active role in helping to guide the Company”, says Kevin Grieve, CEO of Mocapay, which has just moved its corporate office to new quarters in Denver. “To close a funding round in this economic environment is a testament to the momentum of our business and the viability of our business strategy. We continue to see market interest in our mobile commerce services and our ability to support a new-to-market mobile payments and marketing product.”
Currently, Mocapay provides merchants’ with the capability to mobile-enable their gift and loyalty programs, allowing consumers to transact at the point-of-sale, access their account balance and transaction history, find the nearest merchant location accepting mobile gift and loyalty, and reload their gift account, all from their mobile phone.
In addition, Mocapay customers can take advantage of the Gift-A-Friend application, which enables consumers to send mobile gift accounts to their friends and family directly to their mobile phone from the Mocapay.
Mocopay plans to put proceeds from the funding towards supporting new customer implementations, expanding business development efforts, and developing additional enhancements to the mobile commerce platform, for both payments and marketing services.
“We look forward to the opportunity to help Mocapay grow and establish themselves as the leader in the mobile payments and marketing space,” says Chris Martin, investment manager of Spartan Mobile. “We see the tremendous value and potential of Mocapay, as it continues to expand its footprint among merchants’ gift, loyalty, and marketing programs.”
“We believe Denver is a great city to grow and build our company” says Grieve. Noted by Forbes magazine as one of the most highly educated cities in America, and one of top 20 cities for business and careers, “Denver offers the right environment to provide Mocapay employees with the ability to maintain a work/life balance. Denver provides access to the largest park system, keeping it in the top 10 healthiest cities in the U.S.”
Last month, Maiberry, a retailer specializing in all-natural and organic frozen yogurt and smoothies, became the most recent company to select Mocapay to implement a mobile marketing program. Founded in Boulder, Colorado, Maiberry is a health-conscious, and environmentally responsible shop, using premium and fresh ingredients in all of its creations, including frozen yogurt, smoothies, and juices.
Spartan Mobile, based in Dallas, Texas, is an investment fund that has invested in the mobile space since 2005, specializing in mobile marketing, information and promotions. The Lacuna Venture Fund is a pioneer in the concept of Gap Capital, which helps early-stage companies negotiate the gap between product innovation and marketplace adoption.
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