June 22, 2009
Online and mobile payment company, oneTXT announced today that it has just completed a $2 million series A funding round with Metamorphic Ventures of New York City leading the funding. Other investors who participated in this round of funding include KPG Ventures of San Francisco and the New York Angels Fund. Along with the completion of the funding, Lucy Hood was also appointed as independent board director of the company.
OneTXT is a company that provides a payment platform for social networks, where users can pay via their mobile phones and processes payments for online gamers, participation TV shows, etc. The company also allows online social networks to become online merchants and enables them to send advertisements via text messages. OneTXT is based in New York City and also has offices in San Francisco, California.
According to oneTXT’s CEO and Chairman, Roger Wood, the system that oneTXT provides is unique in that it has created an integrated solution for online social networks, such as games and interactive TV shows to be able to process payments and can possibly revolutionize the way that online social media networks think about payment processes. Already such applications, like Apple’s iTunes and Amazon’s !-Click are optimized to be used in e-commerce. What oneTXT does, is that its platform can approach the marketplace with the idea of transactions between audiences and media brands can be a good business model for all social media networks. Mr. Wood further added that the transactions of tomorrow would look completely different from those made today with online payment organizations, such as Paypal.
Lucy Hood joining the company’s board of directors will be a great asset to oneTXT, since, Ms. Hood is a pioneer in the online social media, especially in the field of social television. Ms. Hood was recently appointed as the Executive Director of the USC Marshall Business School Institute for Communication Technology Management. She also worked for Jamba, where she served as CEO and was the architect of the News Corporation’s mobile strategy.
According to Lewis Gersh, founder of Metamorphic Ventures, the team at oneTXT is very pleased to have Lucy Hood join the company’s board of directors, because her experience in the industry is phenomenal and she has a good track record of providing innovative solutions interactive television.
Metamorphic Ventures is a vc firm based in New York City and mainly focuses its investments in early stage startup companies in the growing digital media transaction industry. Besides offering its portfolio companies the necessary capital, Metamorphic Ventures also provides a great deal of hands-on experience from startup to exit strategies, being a valued asset to its backed companies. Some companies in Metamorphic’s portfolio include the Lookery, FetchBack, Tranvia, Precision Prospects, and others.
For more information on oneTXT, click here.