LONDON, May 19, 2015 /PRNewswire/ --
Zeek, the marketplace app that helps consumers to buy and sell unwanted Store credit (i.e., credit notes, gift vouchers, gift cards and e-vouchers) below face value, announced today that it has secured $3 million in Series A funding from Blumberg Capital, Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures and Waze founder/existing investor Uri Levin.
The new funding will be used to expedite Zeek's expansion into Europe throughout 2015.
Chairman Uri Levin commented: "Zeek deals with a BIG PROBLEM of $100B wasted globally every year by consumers on store credit; it is changing the way consumers buy through its innovative sharing economy that I love and it is simply making the world a better place."
Daniel Zelkind, CEO of Zeek commented: "Zeek has proven to be a great success in Israel and so we're really excited to be in the UK. Close to 20% of issued store credits in the UK go unredeemed year over year resulting in a $1.5B loss to consumers as well as retailers that are not able to secure the 40% up-sell on average they usually receive on redemptions - so of course we see a huge potential for our service to UK consumers. What we are doing resonates with consumers as we are seeing hundreds of new users sign up every day. Our expansion into Europe will take place over the next 12 months so we hope to see people from Portugal to Poland using Zeek to regain lost value and save on their shopping every day."
Alon Lifshitz, partner at Blumberg Capital commented: "We at Blumberg capital love Zeek's focus on helping consumers save money on unused store vouchers, preventing users from throwing money down the drain. Their strategy combines technological and macro-economic advancements to create a unique solution which will change how consumers shop in years to come."
"Zeek has used a mobile-first approach to create a win-win for consumers and retailers," says Mony Hassid, senior director Qualcomm Ventures. "We believe they are well positioned to succeed in the UK's large, growing mobile commerce industry."
Having experienced rapid growth within its native Israel, Zeek launched in the UK in December 2014. With over a billion pounds worth of store credit breakage each year, Zeek aims to regulate the secondary region and provide the solution to a costly and frustrating problem for both UK consumers and retailers.
Offering discounts of 5-20% on average, Zeek offers a wide range of brands from across the High Street. What's more, electronic gift cards and vouchers bought through Zeek can be redeemed instantly in-store and online with the app.
In addition to this, Retailers also benefit from increased footfall and conversion from customers cashing in their vouchers as well as incremental sales of approximately 40%.
Launched in 2014, Zeek is a young company building a community of mainstream savvy shoppers across the world from its offices in Israel and the UK. Everyday, our team oversee thousands of transactions from a community of over 100,000 regular users - a number that's growing every day.
Zeek is available as a free download on the App Store and Google Play. Visit http://www.zeek.me for more information.
Find Zeek on Facebook: https://www.facebook.com/Zeek.UK
Follow Zeek on Twitter: https://twitter.com/ZeekMarketplace
About Blumberg Capital
Blumberg Capital is an early-stage venture capital firm that invests in exceptional entrepreneurs with transformative ideas. They partner with passionate founders to disrupt markets through innovation and build successful companies. Their team has extensive experience collaborating with companies in Enterprise Software, Digital and Social Media, Mobile and Consumer Internet. Their relevant operational expertise and focused network enable them to be bridge-builders, connecting entrepreneurs with partners to drive success. Blumberg Capital is headquartered in San Francisco with team members and advisors in Tel Aviv and New York.
About Qualcomm Incorporated
Qualcomm Incorporated (NASDAQ: QCOM) is a world leader in 3G, 4G and next-generation wireless technologies. Qualcomm Incorporated includes Qualcomm's licensing business, QTL, and the vast majority of its patent portfolio. Qualcomm Technologies, Inc., a wholly-owned subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of Qualcomm's engineering, research and development functions, and substantially all of its products and services businesses, including its semiconductor business, QCT. For more than 25 years, Qualcomm ideas and inventions have driven the evolution of digital communications, linking people everywhere more closely to information, entertainment and each other. For more information, visit Qualcomm's website, OnQ blog, Twitter and Facebook pages.