Venture Capital News: Payzer Announces $4.25M Series B
CHARLOTTE, NC, Fast growing mobile and cloud-based financial tool for specialty trade contractors, has closed a $4.25 million Series B.
Payzer, a fast growing mobile and cloud-based financial tool for specialty trade contractors, has closed a $4.25 million Series B round of equity capital. Funding was provided by Route 66 Ventures, Grotech Ventures, and IDEA Fund Partners. The company intends to use the proceeds to launch new products that will extend its FinTech leadership in HVAC, plumbing, electrical, solar, and other specialty trade markets.
Based in Charlotte, NC, Payzer helps contractors grow and manage their businesses by enabling them to both close more sales and collect more effectively in the field. With Payzer's 'all-in-one' solution, users can accept and manage payments and customer profiles as well as offer instant loans-all via their mobile devices. The platform provides the flexibility and accessibility contractors need to offer a full range of payment and financing options for their customers and employees.
'Payzer is growing rapidly because we're meeting the needs of the contractor,' said Joe Giordano, Co-Founder and Chief Executive Officer of Payzer. 'Our contractors have come to rely on us for innovative software, reliable payment technologies, and friendly customer service. This additional funding allows us to increase our investments in all three areas.'
'The team at Payzer has done an exceptional job over the last 18 months,' said Don Rainey, General Partner at Grotech Partners. 'They've grown from about 150 contractors to just under 2,000 contractors while maintaining great customer loyalty and satisfaction. We are excited about the future at Payzer.'
'Our goal is to be the leading global financial technology investment firm,' said Ben Britt, General Partner at Route 66 Ventures. 'Companies like Payzer have everything we're looking for: a great suite of financial products, a terrific team and a large market opportunity.'
Both Grotech and Route 66 were part of Payzer's initial round of institutional investment in late 2014. IDEA Fund Partners is a new investor in Payzer.
'Payzer has a tremendous amount of market traction,' said John Cambier, General Partner at IDEA Fund. 'The team has built great products and a high quality execution machine. They truly care about their customers and you can see that in their performance to date.'
Payzer, the company's flagship product, is the All-in-One Financial Tool that helps contractors grow their business. Payzer's mobile and cloud based platform allows customers to accept credit cards, debit cards, and electronic checks in the field or at the home office with real-time tracking across their organization. Payzer also enables instant financing up to $55,000 using a mobile phone, tablet, or PC and control over purchases by giving employees Visa Debit Purchasing Cards rather than a company credit card. Payzer offers competitive rates for credit and financing and requires no sign-up fee, no contract, and no cancellation fees.
To register for an account with Payzer, visit www.payzer.com or call 1 866 488 6525.
About Grotech Ventures
Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the IT landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit: www.grotech.com
About Route 66 Ventures
Route 66 Ventures is a private investment firm focused on helping entrepreneurs shape the financial services landscape of tomorrow by providing Venture Capital and Credit solutions to emerging financial technology and services companies.
About IDEA Fund Partners
IDEA Fund Partners is one of the most active seed and early stage venture investors in NC and throughout the Southeast. The fund typically provides the first institutional money for the companies in which they invest. IDEA Fund has offices in Durham, NC and Orlando, FL.
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