SCVNGR receives a $9 million investment
Mobile payment services startup LevelUp said today it has raised an additional $9 million from T-Venture, Deutsche Telekomís investment arm, and other individual investors.
This brings LevelUpís current round to $21 million, including the previously announced $12 million influx from investors Google Ventures, Highland Capital Partners, Balderton Capital, Transmedia Capital and Continental Investors. Randeep Wilkhu, senior investment manager at T-Venture, will join the LevelUp board as an observer.
LevelUp, part of mobile developer Scvngr, currently provides mobile payment services to more than 3,000 businesses in eight U.S. cities, including Johnny Rockets and Ben & Jerryís, and is used by slightly over 200,000 consumers. LevelUp distinguishes itself by not charging merchants for typical transactions; its business model is to offer premium services like loyalty programs.
Scvngr founder and CEO Seth Priebatsch told Venture Beat that the funds will be used for growing the company, hiring, and advertising.
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