Israeli online gift card marketplace startup Zeek, has announced today that it has closed a $9.5 million Series B financing round led by Scale-Up Venture Capital. Other prominent investors in the round include Blumberg Capital, Qualcomm Ventures, FJ LABS (Fabrice Grinda), Waze founder Uri Levine, Emery Capital, Ton Ventures, Radiant Venture Capital, iAngels and Target Global.
The capital investment will support Zeek’s growth in the UK and expansion overseas, and will attract new talent to advance the company’s vision.
Zeek is a mobile app and website that allows users to buy gift cards and vouchers from their favorite brands at a discount and sell unwanted gift vouchers for cash, providing a solution to the estimated $100 billion of unused gift cards globally.
Zeek co-founder and CEO Daniel Zelkind said, “In the last 12 months we’ve saved over $12 million for consumers using Zeek and seen almost 30% growth month on month, with incredibly positive reactions from the market. This funding round will substantially accelerate our rate of growth and will allow us to build our team."
He added, “We have created a unique technology that supports very high scale trading within a safe and reliable environment. The funding will help further investment in innovation, technology and marketing.”
Scale-Up VC general partner Alex Lazovsky said, said: "We believe that Zeek will swiftly surpass $1 billion run-rate in branded currency transactions. Intimate understanding of consumer needs puts Zeek on track to become the next tech unicorn in Europe."
Zeek was founded in 2014 by CEO Daniel Zelkind, VP Marketing Itay Erel and CTO Ziv Isaiah and has 35 employees in Israel and London. The company has raised $12.5 million to date including the latest financing round.
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2016
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