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Micropayments Provider BitPass Raises $11.75 Million

Authored by Mark Hefflinger on September 7, 2004 - 5:29am.
Palo Alto, Calif. -- BitPass, a provider of online micropayments technology, announced on Tuesday that it has raised $11.75 million in its second round of venture capital financing. Participating investors included Worldview Technology Partners, Disney's Steamboat Ventures, RRE Ventures, Garage Technology Ventures, Cardinal Venture Capital and Amicus Capital. The company also announced that former American Express chairman James Robinson III will join its board of directors. The company's technology is used by providers of digital content like music, video, photos and news to sell their wares in small quantities and for small amounts to consumers with credit cards. Recent research by TowerGroup estimates the market for Internet and mobile micropayments in the U.S. will reach $11.5 billion in revenues by 2009, up from just over $2 billion in 2003. Palo Alto, Calif.-based BitPass will use the funds to expand sales and marketing efforts, make additional product enhancements, and build additional customer service infrastructure to support its merchant partners and members.
tags: VC | BitPass | Micropayments Provider |