Funding Will Be Used to Further Its Market Leadership, Expand Merchant and Carrier Networks and Continue Growth into International Markets
PALO ALTO, Calif.--(BUSINESS WIRE)--Zong (www.Zong.com), the leading mobile payment service used by online gaming and social networking websites, announced today that it has completed a $15 million round of funding led by Matrix Partners.
Formerly a division of Echovox, Zong is now a standalone company headquartered in Palo Alto and will use the investment to further market leadership by accelerating the growth of its merchant network in US and international markets and through funding the rapid expansion of its mobile carrier network.
“We are thrilled to have the support and guidance of Matrix Partners, which has a phenomenal track record in developing select mobile, wireless and internet companies”
Zong is the mobile payment provider for Facebook Credits, a new virtual currency platform being deployed across the Facebook network of over 400 million monthly active users. Zong also works with thousands of other merchants in a variety of spaces including: popular virtual worlds, online gaming, social networking and digital content properties. Zong is the only mobile payments service that combines carrier billing with credit, debit and prepaid cards, allowing Zong to be the first company to allow multiple payment options via the mobile phone.
“We are thrilled to have the support and guidance of Matrix Partners, which has a phenomenal track record in developing select mobile, wireless and internet companies,” said David Marcus, founder and CEO, Zong. “With this comes the privilege of working closely with Dana Stalder, who as a result of his extensive experience with PayPal, will be of great value to our team.”
Dana Stalder, general partner of Matrix, will join Zong’s board of directors bringing more than 20 years of experience to the company. He has extensive knowledge in financial services and ecommerce, having served in executive positions at Netscape, eBay and PayPal. Stalder also initiated a number of other startup projects, including PayPal Mobile and the PayPal Developer Platform.
“Matrix’s message has been clear. We are committed to helping build significant, industry leading companies and Zong fits that bill,” said Stalder. “Zong is at the forefront of the evolution of the payments space and we hope to play a key role in its continued growth and success.”
About Zong
ZONG is the leading mobile payment service used by online gaming and social networking sites around the world. Its frictionless payment experience converts shoppers into buyers at rates up to 10 times greater than traditional payment methods. ZONG leverages direct connections with mobile network operators around the world to provide consumers, merchants and publishers a secure payment solution with unrivaled connectivity and service quality. ZONG is the mobile payment provider for Facebook Credits and also works with hundreds of leading destination sites, such as Gaia Online, IMVU and Aeria Games. Reaching over 1.5 billion mobile users, ZONG provides local payment capabilities in over 30 countries in 16 languages. ZONG is the only mobile payment service that combines the high conversion rates of carrier billing with the low costs and flexibility of payment card networks. ZONG is based in Palo Alto and Geneva, and is backed by Advent Venture Partners and Newbury Ventures. For more information, please visit www.zong.com.
About Matrix Partners
Matrix Partners is a premier venture capital firm that has generated outstanding returns for over three decades. The firm has delivered several of the industry’s top performing funds of all time. Matrix Partners has offices in Waltham, MA; New York, NY; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. The firm has been fortunate to have invested in game-changing, industry-leading businesses such as Apple Computer, Sandisk, Veritas, Sycamore Networks, Phone.com, Starent Networks, JBoss and Gilt Groupe.
Contacts
Zong
Brew Media Relations
Dorothy Jean, 212-677-4835 x. 12
dorothy@brewpr.com
or
Matrix Partners
GMK Communications
Stephanie Gnibus, 408-776-9727
stephanie@gmkcommunications.com
Brew Media Relations
Dorothy Jean, 212-677-4835 x. 12
dorothy@brewpr.com
or
Matrix Partners
GMK Communications
Stephanie Gnibus, 408-776-9727
stephanie@gmkcommunications.com
Permalink: http://www.businesswire.com/news/home/20100427005755/en/Zong-Raises-15-Million-Funding-Matrix-Partners
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