BitPass secures $11.75m in series B financing

BitPass secures $11.75m in series B financing

Online micropayments service BitPass has raised $11.75 million in a Series B funding round. The round included funding from new investors Worldview Technology Partners, Steamboat Ventures - the venture capital arm of The Walt Disney Company - and RRE Ventures.

Existing investors Garage Technology Ventures, Cardinal Venture Capital and Amicus Capital also participated in the round.

The BitPass micropayments systems is used for purchasing digital content. The California-based firm says the funding will be used to expand sales and marketing efforts, enhance products and build additional customer service infrastructure to support merchant partners and members.

Since the company's production release of its online payment service in December 2003, BitPass has signed nearly 1500 vendors.

Commenting on the new investors Michael O'Donnell, BitPass CEO, says: "They bring BitPass not only working capital to finance our growth but also content, distribution, a network of international partners, global payments infrastructure and management experience in building leading financial services companies."

James Robinson, former chairman and CEO of the American Express Company and a general partner at RRE Ventures, will join BitPass' board of directors along with Peter Goettner, venture partner, Worldview, and John Ball, managing director, Steamboat.

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