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Zooz Raises $24 Million in its Largest Funding

In a round led by Target Global Ventures, Israeli payments technology innovator Zooz raised $24 million in new capital. The investment takes the company’s total funding to more than $40 million and will enable Zooz to accelerate growth, build and develop new products, and expand in both existing and new markets.

In thanking both new and current investors, Zooz CEO Oren Levy said that the growing interest on the part of merchants is playing a key role in driving adoption of new payment technologies. “Retailers now understand the need for smart payment platforms that can help them expand into new markets quickly and cost-effectively,” he said, “and that is where we excel.”

Saying that Zooz is in the right place at the right time to take advantage of the growth in the global payments market, Target Global Ventures General Partner, Shmuel Chafets praised the way the Zooz platform “optimizes and simplifies the payments process, meeting a crucial industry need that will only increase.” The round also featured participation from new investors Fang Fund, iAngels, and Kreos Capital, as well as existing investors Blumberg Capital, lool ventures, Rhodium, Claltech, XSeed Capital, and CampOne Ventures, as well as angel investor Eilon Tirosh.

Since the company’s last funding round in the summer of 2014, Zooz added offices in London, Berlin, and San Francisco and increased headcount by 50%. In April, Zooz integrated eCommerce, CRM, ERP and other technologies from Nodus Technologies into its platform, one month after announcing support for Android Pay. The company added Chester Ritchie, formerly of Worldpay, as its new EVP of sales and development in February. Ritchie spoke about Zooz’s payment technology in a company profile for The Green Sheet in April.

Founded in 2010 and headquartered in Raanana, Israel, Zooz demonstrated its Transforming Checkout solution at FinovateFall 2013.

This article was originally posted on Finovate Blog.

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