A Fort Lauderdale-based ad-tech startup announced it has closed a $7.5 million seed funding round.
Adfone, a gamified mobile savings and rewards technology provider, will use the funding to further develop its Play2Pay rewards solution and grow globally. Doha Tech Angels, HaleStreet Investment and Trog Hawley Capital were the funders, according to Crunchbase.
Adfone provides a rewards platform that converts user engagement into mobile phone bill payment, said founder Brian Boroff.
“We have a passionate and diverse group of investors that recognize Adfone’s value and the future it will usher in for consumers, advertisers and wireless carriers alike,” says Boroff, who is CEO of Adfone, in a statement. “As the global pandemic reshapes the way in which consumers engage with their mobile devices, Adfone reduces their financial costs while expanding the availability of data plan use.”
The Play2Pay platform allows mobile phone users around the world to reduce their phone bills by playing games, watching videos and completing special offers and surveys on their devices that are paid for by brands. The platform converts user engagement into mobile phone bill payment. Additionally, wireless carriers can participate in the system advertising network, and advertisers can deliver targeted messaging to identifiable demographics.
“Investing in Adfone is an investment in the future of mobile communications,” said John Cooper, an investor and board member of Adfone and former Co-Head of the TMT team at Houlihan Lokey. “Adfone will kickoff its first institutional round of funding this fall and has already begun initial conversations with qualified investors.”
Adfone, founded in 2015, also has operations in the United Kingdom, Mexico and Singapore, the company said.
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