Social mobile payment app Rooam has announced the completion of its seed funding round, in which it raised $1.2m from a selection of unnamed private investors. The app is currently in beta and being tested in Washington D.C., but the intention is to release the final version during the spring.
Rooam has completed its seed funding round
Rooam works by bringing together a payment solution and a way to connect with friends at clubs, bars and events. Friends can be located in real-time, while bills can be paid instantly without having to wait in line, or to carry cash. It connects with existing point-of-sale hardware.
Junaid Shams, co-founder and CEO at Rooam, said:
“The idea for Rooam developed because I was frustrated with how long it took me to close my bar tab. 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.”
The seed funding will be used to promote the final launch of the app, and for other marketing and sales purposes. Find out more by visiting Rooam’s website here.