Faber and Portugal Ventures invest $1m in Passworks

The capital will enable Passworks to add to its development team and introduce new functionalities to its service. The company's software provides location-based retail promotion, reward scheme and marketing solutions for mobile wallet services.

Faber stated that its investment was driven by developments in marketing and branding within technology and by Passwork's ability to target consumers with personalised results.

The VC has previously been involved with the company on an incubation basis.

This month, Portugal Ventures and Faber also joined in a $1m seed round for Portuguese app-analytics start-up Liquid.

According to unquote" data, there were only three early-stage rounds for Portuguese companies in 2013 and a further three in the preceding four years. The recent deals could point towards increased activity in a market that has been notably quiet since the turn of the century.

Company
Based in Gaeiras, Portugal, Passworks provides mobile marketing functionality for Google Wallet, Apple's Passbook and Microsoft's Windows Phone Wallet apps. It provides a design and targeted distribution service including digital coupons, loyalty cards, events and travel tickets, with inbuilt GPS, notification and social media functionality.

People
Francisco Belo is founder and CEO of Passworks. Alexandre Barbosa is the managing director at Faber. José Franca is chairman and CEO of Portugal Ventures.

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• Topics
• Southern Europe
• Early-stage
• Technology
• Portugal