Micropayments Firm Peppercoin Raises $4.25 Million in First Round

Authored by Mark Hefflinger on September 29, 2003 - 9:55am.

Waltham, Mass. -- Looking to establish a new, lower cost form of "micropayments" for the purchase of digital content, Massachusetts-based Peppercoin has raised $4.25 million in its first round of venture capital, led by POD Holding. The funding follows a seed investment for Peppercoin of about $1.7 million from a group of individual investors that was announced earlier this year. Peppercoin's technology is based on research conducted at the MIT Laboratory for Computer Science. The company said it can cut the transaction fee on a $0.99 sale from the typical $0.27 to "well below $0.10." Peppercoin is initially targeting music companies, online game providers, newspaper and magazine publishers, and other digital content providers.
http://www.peppercoin.com/General/News.ppp