SeventySix Capital bets on the Internet of Things - Technical.ly Philly

Business

Jun. 29, 2016 11:14 am

SeventySix Capital bets on the Internet of Things

The investment firm joined the first funding round for Kwik, the Israel-based makers of a press-to-order, WiFi-enabled ordering button.

Kwik offers retailers a push-to-order system.

(Screenshot)

Correction: SeventySix Capital is based in Radnor, not Conshohocken, as was previously reported. (6/29/16, 12:51 p.m.)

The Internet of Things (IoT) may still be a hazy concept in the public’s eye, but Radnor-based venture firm SeventySix Capital is making its latest bet on an Israeli IoT company called Kwik.

Remember the Amazon Dash button? That thing that allows you order certain brands with the press of a, um, button? Well, Kwik makes a similar gadget that any retailer can set up for frequent reorders.

The company raised a $3 million round that was led by Norwest Partners, a Silicon Valley-based firm.

“We’re excited to be in Kwik’s first round of funding,” said Wayne Kimmel, managing partner at SeventySix Capital. “We’re big believers of the convergence of the physical and digital world, of the Internet of Things, and we believe that with our relationships in the consumer and retail worlds we can be helpful to Kwik.”

Kimmel hinted that Philly-based consumer brands might be interested in offering the platform to their customers.

Kwik is the second Israel-based company the firm has invested in, following Omek Interactive, which had a $40 million exit to Intel in 2013.

Here’s a Kwik video (heh):

Organizations: SeventySix Capital
People: Wayne Kimmel
-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

With $25M in the bank, Guru plans another growth spurt

Lia Diagnostics adds new investor and $2.6 million in venture capital

Backstage Capital’s accelerator sets up shop at 3675 Market

SPONSORED

Philly

Find entrepreneurial ‘collaboration and collision’ at 1776 at Ambler Yards

Chesterbrook, PA

Deacom

Junior Software Developer

Apply Now
Conshohocken, Pa

ShopRunner

Data Engineer

Apply Now
Chesterbrook, PA

Deacom

IT Specialist

Apply Now

This Philly company raised $2M. Here’s how its founder won over the skeptics

Funding news about Young Alfred Inc.

How a company with punk roots is competing with SaaS giants

SPONSORED

Philly

How UArts’ JavaScript certificate program helped this developer successfully change careers

Malvern, PA

Vanguard

Sr. Full Stack Developer-Client Experience Lab

Apply Now
Malvern, PA

Vanguard

Product Owner of Data Science Solutions

Apply Now
Malvern, PA

Vanguard

Java Developer-Entry

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!