Rooam raises $1.2M in Seed funding to accelerate rapid growth of its socially connected mobile payment app
Executive team to launch the world’s first socially connected cashless mobile payment app for Washington D.C area nightlife
NEW ORLEANS AND WASHINGTON, D.C. – Rooam, the world’s first socially connected mobile payment app that lets users pay for drinks, explore local events, and find friends at bars, lounges, and clubs, has announced at the Collision conference in New Orleans, La. that it raised $1.2 million in a seed funding round from several private investors. The funding will accelerate the full development of its cashless mobile payment app, support product launch initiatives, and boost its sales and marketing efforts.
As a seamless, secure, and hassle-free payment solution, Rooam aims to transform the way users pay for their drinks and have a night out, by offering real-time social media tools to discover events and pinpoint the location of friends in the area. The app’s unique features include being able to locate friends in real time and “check out” instantly, eliminating the need to wait in line to pay. As a one-stop mobile payment solution that can be integrated with businesses’ point-of-sale (POS) systems, without any additional hardware, Rooam completely reinvents the way people pay for their drinks, explore events, and find friends in the area.
With the mobile payment industry forecasted to grow from $8.71 billion in 2015 to $27.05 billion in 2016, more and more consumers are adapting to mobile payment apps than before. For bars and restaurants, Rooam removes the multi-step payment process with a real-time POS-integrated mobile app, creating an efficient way to sell more drinks, in addition to providing a powerful marketing tool to help businesses increase foot traffic, generate additional revenue, and enhance customer engagement.
“It’s a privilege for our firm to work with some of the country’s most exciting and innovative companies, especially in the burgeoning fintech space,” said Mike Lincoln, chair of the business department of Silicon Valley-based law firm Cooley LLP. “Rooam has built a truly innovative payments platform, and we are very bullish on the company’s prospects for future growth.”
The Collision conference has grown to over 7,500 attendees from more than 50 countries and will bring together some of the most promising start-up companies across the globe alongside world- class speakers and leading tech investors for a three-day technology conference in New Orleans.
“The idea for Rooam developed because I was frustrated with how long it took me to close my bar tab,” said Junaid Shams, co-founder and CEO of Rooam. “We are receiving amazing responses from local bars, nightclubs, and restaurants in the Washington D.C. area, and are excited that our app will dramatically change the way people pay for drinks and experience nightlife. The seed funding will lay the ground work for the next city launch.”
Rooam is currently running a beta program for select users in the Washington D.C. area and aggressively expanding its network of participating bars and restaurants in the area. The company plans to launch its app this spring.
To learn more about Rooam, visit www.rooam.co.
Rooam is the world’s first socially connected mobile payment app that lets users find out where, what, and when the party is and who is going. As a seamless, secure, and hassle-free payment solution, Rooam reinvents the way users pay for their drinks and have a night out, through offering real-time social media tools to discover events and pinpoint the location of friends in the area. The app’s unique features include being able to “check out” instantly without waiting in line to pay for a bar tab. For bars and restaurants, Rooam provides a PCI- compliant platform that is easily and securely integrated with major POS systems in the industry without any additional hardware. The platform also provides an easy-to-use marketing tool allowing businesses to increase foot traffic, generate additional revenue, and enhance customer engagement. Rooam plans to launch its mobile app in the Washington D.C. area this spring, with plans to expand into other markets around the country. For more information, visit http://rooam.co and follow on Twitter @rooam.