Tezos-Based Application ecoo Secures 1.1 Million USD In Series A Financing Round With Strategic Investors
ecoo has already been used by two Swiss cities to distribute Covid relief funds, and last year ecoo won 3 awards in the “Best of Swiss Apps Awards”. Now, it has secured 1.1 Million USD in a Series A financing round with strategic investors.
Image of Erlenbach from: Jochen Teufel
ecoo Secures Funding From Strategic Investors
ecoo offers users to create conditional tokens that can be tailored to specific user needs. It has already been used by two Swiss cities to distribute Covid relief funds, and last year ecoo won 3 awards in the “Best of Swiss Apps Awards”.
ecoo allows users to create tokens that can be distributed and can subsequently only be used at specific events, businesses, or partners. A wide variety of use-cases can be catered this way:
– Tourism: guests can pay with «Tourism Coins» at selected shops, railways, and businesses
– Events or festivals, where visitors pay with coins, while the partners, e.g. a catering stand, collect the event currency via the app
– Companies that want to give their employees meal vouchers not only for the canteen, but also for the nearby bakery or the pop-up restaurant on the corner
– Health insurances that credit the insured with “Health Points” that can be redeemed at selected partners. This simplifies the organization of partnerships in the health sector, for example in the area of health promotion.
ecoo is deployed on the Tezos blockchain and has already been successfully used in the Swiss city Wetzikon which issued Tezos-based tokens “Wetzikoins” through the ecoo app to support local businesses with Covid relief funds. This application was covered on national Swiss news channel SRF.
In July this year, the Swiss municipality of Erlenbach was the second Swiss authority that used ecoo to distribute Covid relief funds.
“The idea for this voucher came from the population. It was important to the community to help local businesses suffering from the corona pandemic. The residents of Erlenbach can decide for themselves which businesses they would like to support with the community vouchers.” – Sascha D. Patak, Mayor of Erlenbach
With the series A funding round concluded, ecoo is ready to scale up. During the financing round, which was lead by Eagle Venture Fund, ecoo was able to agree deals with several strong partners, including MICA Ventures in Wollerau, nezzo Holding in Risch-Rotkreuz, HR Campus in Dübendorf and 8FS in Pfäffikon.
Six private and institutional investors also participated. The bulk of the capital generated will go towards developing the sales side of the business at ecoo.
ecoo also recently appointed Dr Sebastian Hersberger as CEO. Sebastian Hersberger is a lecturer at the University of Basel and boasts many years of experience in management consulting, banking and working with start-ups.
He has considerable expertise in the areas of payments and fintech and has built up a sizable network of contacts during his career.
“Unlike many start-ups, we already have a fully functional, tried-and-tested product. Our aim for the next 12 months is to implement as many strategic engagement projects as possible, targeting exciting brands, organisations and cities,” – Dr Hersberger
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