SCVNGR Nets $12 Million in New Funding for LevelUp
June 8, 2012
SCVNGR, the Boston-based developer of the LevelUp mobile payment app, has raised $12 million in funding with participation from existing investors Highland Capital Partners, Google Ventures, Balderton Capital and new investors Continental Investors and Transmedia Capital. SCVNGR says the $12 million is part of a larger round that will support LevelUp, which is now available as a payment option at 3,000 merchants in eight U.S. cities.
“LevelUp adds tremendous value for both merchants and consumers and has quickly accelerated to become a leading player in a highly competitive space,” says Google Ventures Partner Rich Miner. “We're impressed by the product's success to date and are excited to provide additional support as LevelUp scales nationally and the mobile payments industry continues to evolve at a fast pace.”
Part of the funding announced yesterday will be devoted to expanding staff to accommodate LevelUp’s growth. The company says it has added 40 new members to its sales staff in the last few months.