Rooam, a Washington, D.C.-based provider of a socially connected mobile payment app, raised $1.2m in seed funding.
Backers included unnnamed investors.
The company will use the funds to finalize the app, support product launch initiatives (starting with Washington, D.C., during the second quarter of 2016) and increase its sales and marketing efforts.
Led by Junaid Shams, co-founder and CEO, Rooam provides an app that allows users to pay for drinks, pinpoint the location of friends in the area and discover events and clubs. Features include tools to locate friends in real time and “check out” instantly. The mobile payment solution can be integrated with businesses’ point-of-sale (POS) systems, without any additional hardware.
Rooam is currently running a beta program for select users in the Washington D.C. area and expanding its network of participating bars and restaurants in the area.