SeventySix Capital bets on the Internet of Things
Technical.ly Philly by Roberto Torres
The investment firm joined the first funding round for Kwik, the Israel-based makers of a press-to-order, WiFi-enabled ordering button.
The Internet of Things (IoT) may still be a hazy concept in the public’s eye, but Radnor-based venture firm SeventySix Capital is making its latest bet on an Israeli IoT company called Kwik.
Remember the Amazon Dash button? That thing that allows you order certain brands with the press of a, um, button? Well, Kwik makes a similar gadget that any retailer can set up for frequent reorders.
The company raised a $3 million round that was led by Norwest Partners, a Silicon Valley-based firm.
“We’re excited to be in Kwik’s first round of funding,” said Wayne Kimmel, managing partner at SeventySix Capital. “We’re big believers of the convergence of the physical and digital world, of the Internet of Things, and we believe that with our relationships in the consumer and retail worlds we can be helpful to Kwik.”
Kimmel hinted that Philly-based consumer brands might be interested in offering the platform to their customers.
Kwik is the second Israel-based company the firm has invested in, following Omek Interactive, which had a $40 million exit to Intel in 2013.
Here’s a Kwik video (heh):