TLcom Is Investing $2M In Beintoo
Beintoo is receiving a $2 million USD investment from the international venture capital firm, TLcom. This new funding comes a few months after we have closed our Series A round, thanks to the contribution led by Innogest.
TLcom Capital is working alongside Innogest SGR, the Italian investor who led the series A-round in June 2012, heading to a total investment of $7 million USD.
Started in Milan, Italy, in March 2011, Beintoo has already extended its foothold across Europe, United States and Asia with additional offices in Palo Alto and New York.
"I'm extremely excited about the partnership with TLcom, as I see them not only as an investor but as an essential partner who, in association with Innogest, can help Beintoo achieve international success.", said Antonio Tomarchio, founder and CEO of Beintoo. "Founders, management and investors have made a huge team effort to build a win-win ecosystem, which is now being rewarded by the market and is showing the power of our breakthrough model of monetization and loyalty."
This additional funding will be used to further establish Beintoo as an international brand, leveraging a global base of rewarded users which is already exceeding 200 million people. It will also allow key developers, such as Halfbrick Studios, to engage and monetize, and retailers to build highly effective loyalty programs.
"TLcom is pleased to support the global ambition of Beintoo. They are positioned to lead the exploding virtual money space, and have demonstrated impressive traction globally in a very short period of time. We look forward to work with such great entrepreneurs and to provide them not only with capital, but also with an ability to build a global company with lasting power. " said Maurizio Caio, founder and Managing Partner of TLcom Capital LLP.
By building a network of worldwide partners Beintoo aims at attaining an innovative cashless economy, where users can use their virtual wallets to make payments with their virtual currency or Bedollars. In this way, customers will feel rewarded for their engagement and loyalty, and will experience a pleasant, easier and faster way of shopping at their favorite stores.