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October 9, 2013 06:00 pm GMT
Scan has raised $7M from Entree and existing investors including Menlo Ventures in its Series A round. It’s also announcing its new ‘Scan to Pay’ service, which allows people to purchase items or donate money via a quick QR-code scan, regardless of whether a person or even a venue is present. Scan to Pay is at the heart of the need for more funding and the story of that funding is interesting as well. Scan founder GarrettGee credits listing Scan on AngelList with getting this round done, and getting it done so quickly. “We did not know who Entree capital was, they did not know us,” says Gee. “They found us on AngelList and gave us a call. After a 20 minute phone call they liked us enough that they flew us to London. And within 24 hours, the deal was done.” Gee says that when they flipped ‘raising’ switch on AngelList it garnered them 40-50 calls or meetings within days. But though the deal was quickly done, that likely had a lot to do with the fact that Scan had deals waiting at home. Its list of current investors isn’t anything to shake a stick at, and sometimes names do open doors or help to quell worries. Scan has previously raised $1.7M in seed funding fromMenlo Ventures,Google Ventures,Charles River Ventures,Start Fund,Social + Capital Partnership,Transmedia Capital,Ludlow Venturesand angels Ariel Poler,Naval Ravikantof AngelPool, Jim Pallotta of Raptor Group andTroy Carter. Some of those investors like Menlo are back in this round or taking their pro-rata. The pitch that the team went to London with had a lot to do with Scan to Pay, and what the potential of it is to enable payments in a way that’s significantly different than the methods offered by providers like Square, or PayPal. And it’s doing that throughout the more than 50 million installs of its mobile apps. Scan to Pay is deceptively simple: someone who wants to collect money say, to sell merchandise or collect donations signs up for Scan and generates a QR code. That QR code can be attached to a specific item at a fixed price or a range of prices for things like a ‘donation’ to an organization. That QR code can be scanned byany QR app, and iOS 7 now even has APIs for this so expect to see it pop up in more
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/7NYgJ4Pc6lU/
Scan Gets $7M From Entree Via AngelList To Turn The Lowly QR Code Into A Scan To Pay' Gateway
Scan has raised $7M from Entree and existing investors including Menlo Ventures in its Series A round. It’s also announcing its new ‘Scan to Pay’ service, which allows people to purchase items or donate money via a quick QR-code scan, regardless of whether a person or even a venue is present. Scan to Pay is at the heart of the need for more funding and the story of that funding is interesting as well. Scan founder GarrettGee credits listing Scan on AngelList with getting this round done, and getting it done so quickly. “We did not know who Entree capital was, they did not know us,” says Gee. “They found us on AngelList and gave us a call. After a 20 minute phone call they liked us enough that they flew us to London. And within 24 hours, the deal was done.” Gee says that when they flipped ‘raising’ switch on AngelList it garnered them 40-50 calls or meetings within days. But though the deal was quickly done, that likely had a lot to do with the fact that Scan had deals waiting at home. Its list of current investors isn’t anything to shake a stick at, and sometimes names do open doors or help to quell worries. Scan has previously raised $1.7M in seed funding fromMenlo Ventures,Google Ventures,Charles River Ventures,Start Fund,Social + Capital Partnership,Transmedia Capital,Ludlow Venturesand angels Ariel Poler,Naval Ravikantof AngelPool, Jim Pallotta of Raptor Group andTroy Carter. Some of those investors like Menlo are back in this round or taking their pro-rata. The pitch that the team went to London with had a lot to do with Scan to Pay, and what the potential of it is to enable payments in a way that’s significantly different than the methods offered by providers like Square, or PayPal. And it’s doing that throughout the more than 50 million installs of its mobile apps. Scan to Pay is deceptively simple: someone who wants to collect money say, to sell merchandise or collect donations signs up for Scan and generates a QR code. That QR code can be attached to a specific item at a fixed price or a range of prices for things like a ‘donation’ to an organization. That QR code can be scanned byany QR app, and iOS 7 now even has APIs for this so expect to see it pop up in moreOriginal Link: http://feedproxy.google.com/~r/Techcrunch/~3/7NYgJ4Pc6lU/
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