Luzern-based startup raises €1.6 million

Launched in August 2020, Wearonize aims become the world's leading "fulfilment-as-a-service" provider for wearable payment solutions for producers and banks. In addition to a wearable device, the startup offers a mobile application in which a digital wallet lets customers enable payment cards on their wearable, set and track budgets, monitor their spending, shop and more.

In September 2021, Wearonize kicked-off a Companisto investment round to raise €850,000, and at closing in Dezember, the company had raised a total of €1,613,856 after two extensions. In the first phase, which is open exclusively to the Angel Investors Club on Companisto, attracted 20 angel investors with five of them being commercial investors. In the public round, more than 900 private investors participated in wearonize, along with other commercial investors such as foundations and family offices.

"For us, equity crowdfunding, in addition to the monetary aspect, offers further proof of the market acceptance of our idea. As a B2B partner that supports banks and manufacturers in offering payment wearables to their consumers, we see the number of convinced investors as a further proof point of our business idea," says Thorsten Röske, Co-Founder and CEO of wearonize AG.

The new partnerships with Curve Ltd, USA, and BrilliantTS, South Korea, which were concluded in autumn 2021, also contributed significantly to the investment success and further strengthen wearonize's leading position on the global market: wearonize has Europe's largest network of banks (currently 75 banking houses and card issuers, as of January 2022), is also active in the USA and Asia and implements wearable payment solutions in watches and the like for renowned producers such as Swatch AG, Switzerland.

The investment will enable wearonize to further expand its product development and customer care team and continue developing the wearonize marketplace for banks and producers. According to the startup, this is a necessary step for new, international partnerships, which are already being prepared for announcement.

(Press release/RAN)