BizX, a Bellevue, WA-based operator of a community of businesses that use a private digital currency called BizX dollars, closed a $700K Series A financing round.
Backers included Seattle angel investors Andy Liu and Rudy Gadre.
The company intends to use the capital to accelerate development of its technology, including mobile apps and the BizX consumer product.
Founded in 2002 by Bob Bagga, Chris Haddawy and Raj Kapoor, BizX has a community of over 2,200 business and 8,000 individuals, who use BizX dollars as a currency both online and offline.
Once a member joins BizX, BizX markets their products or services to the entire BizX community, resulting in new customers and sales. New BizX members receive BizX dollars (1 BizX$ = 1 USD$) that they use to purchase what they need to grow their business.
The BizX community is comprised of businesses from several industries including hotel, restaurant, media and advertising, spa/wellness, construction, and home/office improvement. Members include Inc. Magazine, Oakland Raiders, Greater Seattle Chamber of Commerce, Walt’s Auto Care Centers, Qliance, The Melting Pot, Lunchbox Laboratory and Cactus Restaurants.
The company has offices in Seattle, San Francisco and Dubai.