Originally launched out of Tel Aviv in 2014, Zeek has since expanded to the U.K., which is now a key market for the startup and part of the reason for today’s announced fund-raise. The new capital will be used to consolidate its position in the U.K. and for further international expansion. This will include a hiring drive as Zeek plans to increase headcount in order to accelerate that growth.
The company’s app and marketplace lets you trade unwanted store credit, including gift vouchers, credit notes, gift cards and e-vouchers. The seller gets to offload credit that is of no use or before it expires, and the buyer gets to purchase credit at a significant discount.
In turn, Zeek takes a commission on each transaction. It’s a model identical to extremely well-funded U.S. startup Raise, which closed a $56 million round of Series B funding early last year, putting Zeek’s bank balance into sharp contrast.
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