What is Citcon?
Founded in 2015 and headquartered in San Jose, California, CITCON operates as a pivotal mobile payment and commerce solution provider. The company's core offering enables merchants to seamlessly accept QR-based mobile wallets, both in-store and online. This strategic focus positions CITCON at the intersection of retail technology and financial services, addressing the increasing consumer demand for convenient and secure digital transaction methods. The company's solutions aim to bridge the gap between traditional retail and the burgeoning mobile commerce ecosystem.
How much funding has Citcon raised?
Citcon has raised a total of $41.1M across 4 funding rounds:
Series A
$6M
Series B
$5M
Debt
$150K
Series C
$30M
Series A (2018): $6M with participation from TSVC
Series B (2019): $5M led by East West Bank
Debt (2020): $150K supported by PPP
Series C (2021): $30M featuring Norwest Venture Partners, Sonae IM, Sierra Ventures, and Cota Capital
Key Investors in Citcon
Norwest Venture Partners
Norwest Venture Partners is a global, multi-stage venture capital and growth equity investment firm focused on technology and healthcare sectors. They partner with companies from early stage to growth stage, providing capital and strategic guidance.
Sonae IM
Sonae IM is the technology investment arm of Sonae Group, specializing in retail and telecommunications technology companies, as well as cybersecurity. They invest across early to growth stages.
Sierra Ventures
Sierra Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups, particularly in enterprise software, infrastructure, and data/AI, supporting companies from product-market fit through scaleup.
What's next for Citcon?
With the recent influx of major strategic investment, Citcon is poised for accelerated growth and market penetration. The company's focus on QR-based mobile payments aligns with global trends towards contactless and mobile-first commerce solutions. Future developments are likely to involve expanding merchant partnerships, enhancing platform capabilities to support a wider array of payment methods and loyalty programs, and potentially exploring international market expansion. This latest capital infusion signals strong investor confidence in Citcon's business model and its potential to capture a significant share of the digital payment market.
See full Citcon company page
