15th Apr 2015 07:39
LONDON (Alliance News) - Technology and commercialisation company Imperial Innovations Group PLC on Wednesday said it has led a GBP5.9 million Series A funding round for mobile payments company Yoyo Wallet.
Imperial said it has committed GBP5 million to the round, with the rest provided by other investors.
Imperial first invested in Yoyo in August 2013 and the new investment means it will have a 51.4% stake in the company.
"We are delighted to be leading this funding round. The team has made strong commercial progress and in just over a year since launch, by consistently growing its transaction numbers and signing up new universities, high street retailers and corporate canteens. The usage metrics are very promising," said Jon Edington, Imperial's director of technology ventures.
Imperial Innovations shares were untraded Wednesday at 487.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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