| [March 13, 2007] |
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Core Capital Leads $6M Round For FreedomPay, Inc.
WASHINGTON --(Business Wire)-- Core Capital Partners, a leading venture capital firm, announced today that it led a Series D financing for Wayne, PA-based FreedomPay, Inc., the world leader in cashless payment and loyalty solutions. FreedomPay will use this round of financing to increase its sales force, accelerate development of new product capabilities, and expand domestically and abroad. Core Capital Partners led a syndicate of investors, which included current investor BlueRun Ventures.
"FreedomPay's innovative solution incorporates RFID technology and data management tools to increase sales and profitability," said Mark Levine, a Core Capital managing director who will join the FreedomPay board. "We feel the market for cashless payments products will grow rapidly as businesses streamline point of sales options for the convenience of their customers. FreedomPay is positioned as the clear industry leader with major industry and government customers."
"Core Capital has a proven track record of success in building great companies in high-growth markets," said Tom Durovsik, founder and CEO of FreedomPay, Inc. "Their expertise in both data management and logistics is of enormous value to us."
FreedomPay, Inc.'s use of RFID technology creates a system that eliminates the need for paying with cash. FreedomPay, Inc. provides network access, hardware, installation, training, customer recruitment and support and rewards programs for companies who want to provide added convenience and time-saving measures to its customers at the register. The company currently serves the nation's largest food service providers, Fortune 1000 companies, healthcare facilities, universities and the military among others.
About Core Capital
In business since 1999, Core Capital (www.core-capital.com) is a Washington, DC-based venture fund with over $350 million under management. The firm invests in a wide range of technologies, with a particular focus on telecommunications hardware and software, wireless applications, enterprise software, network security, e-commerce, logistics and tracking, energy and power management in addition to web and communications services. Sample portfolio companies include Sourcefire, NexTone Communications, InPhonic, buySAFE, Roundbox, Trust Digital, Trinity Convergence, and IXI. To learn more, please email us at info@core-capital.com.
About FreedomPay, Inc.
FreedomPay Inc., headquartered in Wayne, PA is the leading cashless payment solution provider utilizing RFID technology. FreedomPay provides turnkey cashless solutions for clients and operators looking for a flexible cashless program that can be customized to fit their needs. FreedomPay cashless solutions enhance cafe speed, convenience, and delivers guest, loyalty and online purchasing options. Learn more about FreedomPay Cashless Solutions at www.FreedomPay.com.
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