TravelersBox, a Kadima, Israel-based provider of a solution allowing travelers to convert leftover foreign currency into usable digital currency, raised $10m in Series A funding.
The round was led by Arbor Ventures, with participation from existing investors Pitango Venture Capital, IPE Ventures, Pereg Ventures, iAngels, Global Blue, and angel investors Yuval Tal, Zohar Gilon, Yanai Oron, Roy Gabriel, Moti Rivlin and Harel Kodesh. As part of the financing round, Arbor Ventures’ Melissa Guzy will join TravelersBox’s Board of Directors.
The company, which has raised $15.5m to date, intends to use the funds to grow throughout the world, specifically in Japan, India and New Zealand, planning to deploy an additional 300 kiosks globally this year and open an office in Asia, invest in R&D and to accelerate the development of its product offerings, including the upcoming launch of a new software application that will enable consumers to convert their change into digital currency in their home country when shopping at Duty Free Shops and other airport-based retail outlets throughout the world, and hire in key areas such as sales, marketing, product, engineering, etc.
Led by Tomer Zussman, founder and CEO, TravelersBox provides kiosks in airports throughout the world enabling travelers to convert their leftover foreign bills and coins into usable digital currency by depositing the funds directly into their PayPal account, purchasing gift cards for iTunes, Starbucks, Skype, Gap, and other retailers, or by making charitable donations.
The company currently operates more than 75 kiosks in Canada, Italy, Turkey, Georgia, Israel and the Philippines.