Yoyo, a London, UK-based mobile payments and loyalty company, closed £2.8m in seed funding.
This completes the second tranche of the round, with the first investment having been made in August 2013 (read here).
Imperial Innovations Group plc (AIM: IVO) has invested a total of £1.97m in the round, with the balance made up by Firestartr and a number of angel investors.
The company intends to use the funds to increase the number of retailers using Yoyo in-store, with a focus initially on University campuses and high street chains, and to expand its partnership program with Point of Sale software vendors and catering companies.
Founded in 2013 at Imperial Innovations by Alain Falys (Founder OB10, ex-Visa), Dave Nicholson (Founder Zopa, ex-Egg) and Michael Rolph (ex-Paypal, Barclaycard and First Data), Yoyo has created an app that offers a better experience for retail customers, simplifying and speeding up in-store transactions by combining payment and loyalty via one easy scan.
The company also provides a marketing platform for retailers than enables digital customer engagement in-store via loyalty rewards, offers and incentives.
The app was launched earlier this year and currently handles more than 30,000 transactions per month across 32 food and drink outlets at Imperial College London. Yoyo has also announced that it is rolling out the app across the Westminster University campus and the University of Greenwich.