Zug based startup ecoo has signed a strategic investment agreement with several partners enabling the startup to raise over CHF 1 million for its series A financing round led by Eagle Venture Fund. The startup developed an app that provides cities, municipalities, businesses and economic regions simple, secure access to digital conditional payment systems.
Running conditional vouchers, discounts and loyalty programmes has been up until now costly and complicated, only feasible for large companies. With the ecoo app, any organisation can now launch its conditional payment system in just 48 hours. Cities, municipalities, SMEs and tourist regions can use it to define positive behaviour in their ecosystem and offer financial rewards accordingly using digital and earmarked coins or points. By so doing, the company connects people and companies.
Based on the sustainable Tezos blockchain, the ecoo app was developed by two teams in Zug and Zurich. Personal data is not stored on the blockchain; instead, it is held securely by companies in large Swiss data centres.
In Wetzikon and Erlenbach, ecoo has already motivated hundreds of citizens and businesses to support and engage in all local activities. ecoo solutions will soon be appearing at festivals, in staff canteens and in initiatives promoting a healthy, active lifestyle.
In addition to the lead investor Eagle Venture Fund, ecoo also signed a strategic agreement with several strong partners, including MICA Ventures in Wollerau, nezzo Holding in Risch-Rotkreuz, HR Campus in Dübendorf and 8FS in Pfäffikon. Six private and institutional investors also participated in the series A round. The funds will flow into sales and business development.
Further plans with new CEO
With the appointment of Sebastian Hersberger as CEO, ecoo welcomed an experienced executive to take it through the next phase, which includes enlarging the portfolio of ecoo’s engagement projects. Hersberger is a lecturer at the University of Basel and boasts many years of experience in management consulting, banking and working with start-ups. He has considerable expertise in the areas of payments and fintech. Further, he has built a sizeable network of contacts during his career.
“Unlike many start-ups, we already have a fully functional, tried-and-tested product. Our aim for the next 12 months is to implement as many strategic engagement projects as possible, targeting exciting brands, organisations and cities,” Hersberger explains.
(Press release/RAN)
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