PALO ALTO, Calif.–(BUSINESS WIRE)–July 30, 2003–BitPass Inc. today announced that it has secured $1.5 million in Series A funding. Lead investors in the round are Garage Technology Ventures andCardinal Venture Capital. Additional investors include Amicus Capital and Constantin Partners.
BitPass provides a micropayment system for online content. Content providers can start selling their content in less than a day using a self-provisioning, no-charge setup process. After completing a one-time, one-minute setup, buyers can purchase and access BitPass-enabled content with a single-click interface.
“BitPass is the most exciting opportunity I’ve seen since the Macintosh,” said Guy Kawasaki, CEO of Garage Technology Ventures. “Since my days at Apple (Nasdaq:AAPL), I have loved technology that empowers the little guy. BitPass does exactly that. This could create a business model for companies and individuals where there was none before.”
“Until now there has been no practical way for content providers to offer low-priced music, art, film, documents, pictures, and services for sale over the Internet,” said Kurt Huang, CEO of BitPass. “Our system provides a catalyst for providers to increase both the quantity and quality of their content offerings.”
Garage Technology Ventures and Cardinal Venture Capital will each have representation on the BitPass Board of Directors.
BitPass recently launched its public beta and anticipates a full release prior to the end of Q3 2003.
About BitPass
BitPass provides a micropayment system for online content. Founded in 2002 and funded by Garage Technology Ventures, Cardinal Venture Capital, and Amicus Capital, BitPass is based in Palo Alto, California. Contact BitPass at www.bitpass.com or call 650-354-1844.
All company and product names referenced are the trademarks of their respective owners.
