Palo Alto based barcode payment POS provider Mobeam has raised $6.2m of Series B funding, led by yet2Ventures. Mobeam touts an impressive 300 million Samsung users and has been used for almost 30 million POS transactions via Mobeam's Beep N'Go app. The startup plans to use the latest round of funding to expand its offerings to include comprehensive production, roll-out, and support.
"Mobeam has been on a steady growth track based on market desire for our technology as a way to deliver a complete mobile wallet," said Ben duPont, chairman of Mobeam's board of directors and co-founder of yet2Ventures. "This latest round of funding enables us to expand our offerings to include comprehensive production, roll-out and support at the enterprise scale and speed of today's retail," he said. "Existing mobile payment wallets basically only replace bank-issued credit and debit cards with magnetic stripes, yet most shoppers also use gift cards, coupons, loyalty cards and other barcoded payment methods when they checkout," said Mobeam CEO George Garrick.