SiliconRepublic reports on the latest startup to come from the Payzone Alumni, Zapa Technology.
Zapa has also raised â‚¬2.5m from Delta Partners, which follows on from Delta’s investment in the MBO of Payzone, Branded Payment Solutions.
The founder of Zapa, John Nagle, has experience of rolling out mobile payment services in stores around Ireland and the UK with Payzone, so it will be interesting to see if the NFC based approach will replace existing in-store payment options.
The article describes this new service as
Near Field Communication is a technology that will feature on every mobile handset in the world within a few years, and will transform these devices into virtual credit and debit cards. One enterprising start-up is ready to pounce on the opportunity.
Zapa Technology will soon launch a pioneering customer loyalty technology across Europe that will take advantage of the Near Field Communications (NFC) opportunity.
The company has just received the backing of veteran Irish venture capital (VC) company Delta Partners, which is putting â‚¬2.5m-worth of investment into the company.
NFC is a short-range, high-frequency, wireless communications technology that enables the exchange of data between devices over about 10 centimetres (four inches) apart. The technology could enable the growth in the market for contactless credit cards and other forms of identification and transaction.
Zapa is the first company in Europe to deploy NFC technology in a scaled environment via the ZapaTag.
Delta has invested â‚¬1.5m [from its â‚¬100m fund] in Branded Payment Solutions Limited – which is a MBO from Payzone of its Open Loop Gift business.
According to this disclosure – In September 2008 Payzone entered into an agreement to dispose of its Open Loop Gift business. The business was sold to Branded Payment Solutions Limited, a company controlled by Tim Murphy, the groupâ€™s outgoing COO for â‚¬420,000 payable in 2010 – 2013 with a further contingent elements. The terms of the sale provide that the group commit to payment of certain expenses related to the business up to 31 January 2009.
Luzern Solutions an online electronics refurbisher and reseller – just announced a â‚¬2.5 million investment by Delta Partners
Karlin Lillington has a piece in today’s Irish Times on the company and the funding.
“The low-key Dublin company, which works with major vendors such as Epson, Creative, Palm, Fujitsu Siemens and Philips, takes in product returns as well as excess stock, repairs and refurbishes if necessary, and sells the items on to consumers via online marketplaces like eBay.”
This is one of the first investments from the new â€˜Delta Equity Fund IIIâ€™ of â‚¬100m