Way Systems Closes US$22 Million Funding

Way Systems has raised $22m in series C financing from a syndicate of investors led by Austin Ventures with participation from Bessemer Venture Partners, GIV Venture Partners and VISA Inc. Funds will be used to support WAY's continued growth.

“We believe WAY Systems has added a great new partner in Austin Ventures. Together we're focused on expanding our industry leadership in the mobile point of sale market,” comments Fred Gumbel, CEO, WAY Systems. “This financing allows us to deliver new and innovative offerings to our merchant customers. We expect to see continued rapid growth over the coming years and will continue to work closely with our world class distribution partners to satisfy increasing demand for our products domestically and overseas.”

As part of the round Austin Ventures Partner Michael Rovner will join the company's board of directors. "Our Financial Services practice spent a great deal of time studying the payments processing market. Our efforts identified WAY Systems as the clear leader in the mobile point of sale market and we are excited about partnering with the company's world class management team and board of directors,” says Michael Rovner, Austin Ventures Partner.

“WAY's patented technology and pocket-sized form factor are key differentiators in the market place. The growth capital we are providing will allow WAY to expand its suite of products and to fully capitalize on its leading position in this high growth market.”