Zeek raises £7m

Zeek raises £7m

Ever received an unwanted gift card and not known what to do with it? A London start-up helping people sell and buy unwanted vouchers has raised £7m in Series B funding.

The investment will support Zeek’s growth in the UK and expansion overseas, and will attract new talent to advance the company’s vision.

Zeek is a mobile app and website that allows users to sell their unwanted gift vouchers, providing a solution to the estimated US$100bn of unused gift cards globally.

Daniel Zelkind, co-founder and CEO of Zeek, said: “In the last 12 months we’ve saved over US$12m for consumers using Zeek and seen almost 30% growth month-on-month, with incredibly positive reactions from the market.

“This funding round will substantially accelerate our rate of growth and will allow us to build our team. We have created a unique technology that supports very high scale trading within a safe and reliable environment. The funding will help further investment in innovation, technology and marketing.”

The funding round was led by Scale-Up Venture Capital. Alex Lazovsky, general partner at Scale-Up, added: "We believe that Zeek will swiftly surpass US$1bn run-rate in branded currency transactions. Intimate understanding of consumer needs puts Zeek on track to become the next tech unicorn in Europe."

Other prominent investors in the round include Blumberg Capital, Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures, FJ LABS (Fabrice Grinda), Uri Levine, Emery Capital, Ton Ventures, Radiant Venture Capital, iAngels and Target Global.