ZooZ, an Israel-based mobile payment company, has secured $2 million in a Series A financing round from supporters XSeed Capital, Lool Ventures and Rhodium. The company's funding now stands at $3.5 million.
ZooZ plans to increase development of its consumer-driven payment platform with new products, and an increase in retailers and partnerships, the company announced April 23.
The successful funding cycle indicates that investors believe ZooZ has strength in the mobile payments market space, says ZooZ CEO Oren Levy.
"By focusing on creating a superior consumer checkout experience that ultimately leads to better conversion for retailers and developers, we've been able to clearly differentiate ourselves from the competition while attracting investors, partners and customers alike," Levy states in a press release.
Its payment system allows purchases of virtual and physical goods funded by credit cards, PayPal and other established payment mechanisms. Once users enroll their device, ZooZ stores their payment details to be accessed for further purchases by typing a PIN — but only from the same device. To make a payment from a new device, users must enroll from scratch.
"Our investment in ZooZ highlights the confidence we have in their vision to optimize and transform the entire checkout experience," Robert Siegel, the general partner of XSeed Capital, states in the release.