Zooz Nets $24 Million in Capital Raise
May 5, 2016
Zooz, a payment technology provider based in Tel Aviv, Israel, yesterday announced it has secured a new investment round of $24 million. The company, which enables online merchants to connect with multiple acquirers to optimally route card-not-present transactions, will use the new funds to ramp up sales and marketing efforts, especially in the U.S., where it established a San Francisco office this past winter. According to Zooz CEO Oren Levy, a bolstered U.S. presence is crucial because so many U.S.-based merchants want to expand their businesses internationally and they need the kind of help Zooz can provide to navigate unfamiliar markets.
“Merchants understand that more and more consumers from around the world are looking to international Web shops for access to more quality goods and better customer service,” Levy told CardNotPresent.com. “Our optimization platform is especially suited for cross-border e-commerce. I think we’re seeing more interest from U.S. companies to expand into new geographies. They realize there is a huge opportunity in growing regions like Brazil, Russia, China, Japan and India.”
The round was led by Target Global Ventures, with participation from included Fang Fund, iAngels, Kreos Capital and existing investors Blumberg Capital, lool ventures, Rhodium, Claltech (Access Industries’ Israeli tech vehicle), XSeed Capital, CampOne Ventures and angel Eilon Tirosh. The most recent round brings Zooz’s total funding to $40.5 million.