PayRange, a US-based payments services provider backed by internet company Google’s corporate venturing unit Google Ventures, raised $12m on Thursday in a series A round led by venture capital firm Matrix Partners.
The round also included Nyca Partners, the VC firm that backed PayRange’s $2.75m in August 2014 along with Google Ventures and angel investors Anil Aggarwal, Jonathan Weiner, Barbara Corcoran, Jared Leto and Phil Nadel.
PayRange has developed a dongle that can be fitted into vending machines, and which enables consumers to pay for products through a dedicated app. The app accepts debit and credit cards, as well as digital wallet services such as Apple Pay.
Paresh Patel, chief executive of PayRange, said: “The expectation of paying by cash and coin is particularly painful for the tens of millions of consumers who use vending machines as their work or school fridge.
“Nearly half the time someone walks up to a machine with the intent to purchase, he or she leaves empty handed because the buyer simply doesn’t have the right change. This results in billions of dollars in sales lost each year. PayRange solves this problem by offering operators an easy and affordable way to accept any form of payment to capture those lost sales.”