A $2 million Series A funding round has been secured by the New York City-based social media payment platform oneTXT. The round led by Metamorphic Ventures, saw contributions from KPG Ventures, New York Angels Fund, and individual angel investors, including David Hirsch, Geoffrey Judge, Roger Ehrenberg, Mark Michel.
In a correlated statement, oneTXT has also announced the appointment of ex-CTO and COO of iVillage, Richard Caccappolo, as its president and chief operating officer; and Lucy Hood - ex-CEO of Jamba and the chief planner of News Corporation's mobile strategy - as an independent board director.
The company, which also has offices in downtown San Francisco, is the provider of a payments processing option for social networks and online games, whereby they accept payments, create loyalty programs, and send marketing messages. With stored-value system, each oneTXT account, filed under the mobile phone number of the user, comprises money supplied from different sources - like a checking account, a credit card or Western Union.
Roger Wood, oneTXT Chairman and CEO, said: "oneTXT approaches the marketplace with a belief that transactions between audience members and the social media brand itself are the true business model for all social media. Our hypothesis is that the payments world of tomorrow will look very different from the one which made PayPal a juggernaut with eBay's momentum."