Mobeam, a US-based company developing technology that enables customers to pay for products using their mobile phones, raised an additional $1.5m yesterday, from Draper Fisher Jurvetson-affiliated venture capital (VC) fund DFJ Athena, taking its series A round to $6.4m.
The initial close, in October 2011, saw Mobeam receive $4.9m from electronics corporation Samsung’s corporate venturing unit, Samsung Ventures, the corporate venturing fund for Japan-based conglomerate Mitsui, Mitsui Ventures, and VC firm Yet2 Ventures.
Mobeam’s light communication technology centres around LED technology already available on most mobile handsets, and enables phones to interact with laser barcode scanners at retail units around the world using a beam of light.
Mobeam launched a partnership with consumer product conglomerate Procter & Gamble in December to market what it claims is the world’s first fully mobile coupon system, meaning customers can use their phones to pay with electronic coupons at existing point of sale equipment.
The latest influx of capital will be used to build relationships with more consumer and retail brands in order to increase the scale of mobile coupon use, as well as further mobile commerce initiatives down the line.
Additional investment in Mobeam’s latest tranche was supplied by Mobeam chairman Ben DuPont. Perry Ha, founder and managing director of DFJ Athena, will join Mobeam’s board of directors in conjunction with the financing.