Mezzofy, a digital coupon platform based in Hong Kong, announced that its $2 million Pre-series A funding round was completed. This funding round will help the start-up realize its global expansion plan and advance its web3 product development.
The Initial Series Mezzofy said in a statement that Isola Capital’s IPVF VII led a funding round in which Ooosh Tech Lab participated and co-investment capital came from the Innovation and Technology Venture Fund (ITVF), which is backed by the Hong Kong government.
Mezzofy aims to expand its market share and enhance its presence in these markets through its Pre-series A funding. Additionally, the company plans to expand globally to target the US, which is the largest digital coupon market, as well as Europe.
Using blockchain, AI, and big data technologies, the company also intends to enhance its product capabilities.
“The growing popularity of digital payment and ecommerce among Hong Kong consumers aids the digital coupon market to bloom,
“However, some consumers face a pain point when using digital coupons is that once they receive it via an app, it has to be stored in their own device, they cannot pass it to their friends and families, unlike a physical coupon, hindering them to actually use it,” said Dicky Ying, Co-founder and Chief Executive Officer of Mezzofy.
“We have long identified the issue thus we have set the digital coupons as transferable by default in our solution; consumers can easily share it, just as sending a message to their friends,
“These are just one of the things that make Mezzofy unique in the market and stand out in the competition,” he added.
With offices in India, Singapore, Malaysia, Japan, Korea, Indonesia, Thailand, Vietnam, India, Cambodia, the Middle East, and the United Kingdom, Mezzofy currently oversees a team of forty employees that work in research and development (R&D), product development, operational support, and commercial functions. Together, these offices account for 400 million digital coupons that Mezzofy has managed, with a value exceeding $5.1 billion, across 15 markets.
“Mezzofy is an exceptionally promising FinTech company, especially given its ability to successfully scale and grow its operations in multiple markets in Asia over the past seven years. We have confidence in Mezzofy and its ability to continue to innovate and develop advanced technologies and applications, and we are excited to be an important partner in Mezzofy’s exciting journey,” said Anthony Chan, Chief Executive Officer of the lead-investor Isola Capital.
