The company will use the funds to complete the development of its technology and carry out commercial feasibility tests in the US.
Israeli start up pdway Ltd., which is developing cellular coupon applications, has closed its first financing round, raising $3 million from a private investor active in the real estate market. The company will use the funds to complete the development of its technology and carry out commercial feasibility tests in the US, in which it has already invested a few million dollars.
pdway was co-founded at the beginning of 2006 by Omri Kohl and Yuval Madar, and it employs 10 people. The company has developed a technology that enables the distribution and use of coupons at points of sale through cellular handsets. It has developed a technological engine that analyses the behavior of its customers at points of sale, and it has registered several patents in the US. The technology is designed to use cellular handsets to increase use of coupons and discount vouchers at retail chains. pdway's founders now believe the coupon industry in the US to be worth an estimated $250 billion.
pdway is due to open an office in Manhattan later this month.
Published by Globes [online], Israel business news - www.globes.co.il - on April 5, 2007
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