The corporate venturing unit of Singapore-based telecommunications company SingTel has joined a large group of investors backing US-based mobile payment company Vivotech.
SingTel Innov8 joined Vivotech’s $24m series C extension, alongside investors including corporate venturing groups Citi Ventures, First Data, Motorola Mobility, Nokia Growth Partners and NCR. Venture capital firms Alloy Ventures, Miven Ventures, Draper Fisher Jurveston and its related fund DFJ Gotham, as well as EDB Investments, a Singapore government-backed investment firm, also backed the company.
The C round extension means the company’s C round has lasted for four years. It first closed at $22.5m in August 2007. Motorola invested an undisclosed amount two months later, as did Citi Ventures in February 2008. A further $8.6m was invested by other investors in February 2009. A Vivotech spokesman said it has raised $90m in its history.
Vivotech has previously closed an $18.3m round of series B funding in September 2005, led by Draper Fisher Jurveston with participation by Nokia Growth Partners, DFJ Gotham and Alloy Ventures. It is unclear how much the Series A round raised.
Founded in 2001, Vivotech produces technology which allows customers to pay for things using their mobile phone by waving this at a point of sale system. The technology can also be used to redeem prepaid transactions or special offers, or to transfer digital content.