Mobile

Facebook co-founder Saverin backs mobile payment startup Jumio

NOTE: GrowthBeat -- VentureBeat's provocative new marketing-tech event -- is a week away! We've gathered the best and brightest to explore the data, apps, and science of successful marketing. Get the full scoop here, and grab your tickets while they last.

Jumio, a mobile payments startup based in Mountain View, Calif., announced today that it has raised $6.5 million in a first round of funding led by Facebook co-founder Eduardo Saverin.

Saverin’s profile has been on the rise recently, after his role in the early days of Facebook got a sympathetic portrayal in the movie The Social Network. He was pushed out of an active role in Facebook but settled with the company for an undisclosed amount, making him one of the company’s largest shareholders and presumably a very, very wealthy man. He recently led a funding round for “information experience” startup Qwiki.

“I’m usually a critical person but the last time I have seen such a disruptive idea was actually Facebook,” Saverin said in the funding press release.

Jumio says that it structured the funding in an unusual fashion. Instead of raising a traditional venture round, the company created a Single Purpose LLC for fundraising from high net worth individuals, similar to the one used by Facebook to raise money from Goldman Sachs clients.

So what does the company actually do? Well, it hasn’t launched its product yet, so it’s hard to say for certain, but the tongue-in-cheek video below says Jumio hopes to release a mobile payment product that’s so widely used it kills cash. The company says the launch is coming soon, so we’ll be able to see how it stacks up against existing products like Square.

VB Mobile SummitCalling all mobile executives: This April 25-26, VentureBeat is hosting its inaugural VentureBeat Mobile Summit, where we’ll debate the five key business and policy challenges facing the mobile industry today. Participants will develop concrete, actionable solutions that will shape the future of the mobile industry. The invitation-only event, located at the scenic and relaxing Cavallo Point Resort in Sausalito, Calif., is limited to the top 180 mobile executives, investors and policymakers. Request an invitation.

Jumio The End of Cash from Jumio Inc. on Vimeo.

Trackbacks

  1. [...] been around for a little while, and many a startup is scrambling into the space — Paydiant, Jumio and Payfone are a few well-funded examples that spring to [...]

  2. [...] have been around for a while and many a startup is scrambling into the space — Paydiant, Jumio and Payfone are a few well-funded examples that spring to mind. And competitors aren’t just [...]

  3. [...] The service gained a bit more recognition than it normally would have thanks to its backing by Facebook co-founder Eduardo Saverin, who got spotlighted in last year’s popular film The Social Network. Saverin led the company’s $6.5 million in first-round funding. [...]

  4. [...] Le service acquis une reconnaissance un peu plus que ce qu’il aurait normalement grâce à son support par Facebook Saverin co-fondateur Eduardo, qui a obtenu en vedette dans an dernier film populaire The Social Network . Saverin conduit les 6,5 millions de dollars de la société au premier tour de financement. [...]

  5. [...] Le service acquis une reconnaissance un peu plus que ce qu’il aurait normalement grâce à son support par Facebook Saverin co-fondateur Eduardo, qui a obtenu en vedette dans an dernier film populaire The Social Network . Saverin conduit les 6,5 millions de dollars de la société au premier tour de financement. [...]

  6. [...] The service gained a bit more recognition than it normally would have thanks to its backing by Facebook co-founder Eduardo Saverin, who got spotlighted in last year’s popular film The Social Network. Saverin led the company’s $6.5 million in first-round funding. [...]

  7. [...] first came on our radar when it raised $6.5 million with backing from Facebook co-founder Eduardo Saverin. The company then popped up again at last [...]

  8. [...] first came on our radar when it raised $6.5 million with backing from Facebook co-founder Eduardo Saverin. The company then popped up again at last [...]

  9. [...] first came on our radar when it raised $6.5 million with backing from Facebook co-founder Eduardo Saverin. The company then popped up again at last [...]

  10. [...] first came on our radar when it raised $6.5 million with backing from Facebook co-founder Eduardo Saverin. The company then popped up again at last [...]