Ecoo AG has received more than 1 million Swiss francs in a series A financing round led by Eagle Venture Fund. According to a press release, the blockchain-based app offers users access to digital payment systems to issue their own loyalty programs or currencies. Furthermore, the startup based in Zug has concluded commercial agreements with investors including MICA Ventures in Wollerau in the canton of Schwyz, nezzo Holding in Risch-Rotkreuz in the canton of Zug, HR Campus in Dübendorf in the canton of Zurich, and 8FS in Pfäffikon in the canton of Schwyz.
The majority of the new funds are intended to be used to develop the sales side of ecoo. The newly appointed CEO and lecturer at the University of Basel, Sebastian Hersberger, is quoted in the press release, saying: “Our aim for the next 12 months is to implement as many strategic engagement projects as possible, targeting exciting brands, organizations and cities.”
Unlike many other startups, the fintech company already has a fully functioning, tested product. It is based on the sustainable Tezos blockchain and was developed by two teams in Zug and Zurich.
App users such as cities, municipalities, small and medium-sized enterprises, and tourist regions can use it to set up their own payment systems in just 48 hours and influence the behavior of their customers with loyalty discounts, vouchers and other financial incentives. These types of actions have only been possible for large companies to date.
Fintech & blockchain
Fintech & blockchain
The Greater Zurich Area has evolved into a global fintech and blockchain hub, thanks to factors like access to talent, leading research institutes, innovation-friendly regulators, investors and industry partners. Switzerland, and particularly Crypto Valley in the Greater Zurich Area, has been at the forefront of digitization and disruptive technologies, and start-ups in the area have access to a variety of incubators and accelerators that support them in establishing a company and developing ideas and products.