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Online Payments Innovator WePay Raises $10M From Ignition Partners and Existing InvestorsNew Funding Follows 10x Growth in 2011 (May 03, 2012)
PALO ALTO, CA -- (Marketwire) -- 05/03/12 -- WePay, the easiest way to accept payments online, today announced that the company has closed a $10M financing round led by Ignition Partners. Ignition's Chris Howard will join WePay's board of directors. Existing investors Highland Capital Partners and August Capital also participated in the round.
Since launching in 2010 as a group payments system for friends and family, WePay has evolved to offer a full suite of tools designed to help merchants collect money quickly and easily. WePay's transaction volume is growing rapidly as more merchants move online and away from cash and checks. This is a growth round for WePay and the funds will be used across the board to scale the company's technology and workforce.
"Ignition has a great track record of investing in leading technology platforms like Heroku and Parse, and in businesses targeting the SMB market like Docusign and SEOmoz," said Bill Clerico, CEO and co-founder of WePay. "We are tremendously excited to leverage the firm's experience in these areas, and Chris' experience building category-defining brands like Lexus and New Balance."
"At Ignition we look to invest in companies that are innovating and that are obsessed with delivering a superior customer experience," said Ignition's Chris Howard. "WePay is a part of a huge disruption happening in payments right now. There's a massive tailwind fueling the company's growth and we are excited to help."
In 2012, WePay watchers can expect exciting news in the mobile arena, continued improvements to the existing Invoices, Donations, Stores, and Events tools, and significant growth in its current base of 40 employees in Palo Alto, CA.
WePay is the easiest way to accept payments online. WePay offers a suite of tools that allow merchants and non-profits to start accepting payments online in less than two minutes. WePay was founded in 2008 and is headquartered in Palo Alto, CA and has raised $20 million in venture financing from Ignition Partners, Highland Capital Partners, August Capital, Y Combinator, SVAngel, Dave McClure, Mark Goines, YouTube founder Steve Chen, and PayPal co-founder Max Levchin. For more information visit https://www.wepay.com or follow us on Twitter or Facebook.
About Ignition Partners
For more than a decade, Ignition Partners has helped entrepreneurs in the Northwest and beyond build innovative, category-defining businesses. The firm invests in cloud-computing, mobile and consumer companies and leverages the deep operating backgrounds of its partners to help start-ups scale. Past and current Ignition investments include Xensource, Splunk, Heroku, Pure Networks, Hipmunk and DocuSign. To learn more, visit www.ignitionpartners.com or follow us on Twitter @ignitionvc.
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