Adfone Announces the Closing of a $7.5 Million Seed Funding Round to Expand its Play2Pay Rewards Platform
Play2Pay is the First Rewards Platform to Gamify Getting Your Mobile Phone Bill Paid
Adfone Inc., a leading mobile savings and rewards technology provider, announced the closing of a $7.5 million seed funding round. The funding will play a key role in further developing its Play2Pay rewards platform, which allows mobile phone users around the world to reduce their phone bills by playing games, watching videos and completing special offers and surveys on their devices that are paid for by brands. The platform converts user engagement into mobile phone bill payment.
“We have a passionate and diverse group of investors that recognize Adfone’s value and the future it will usher in for consumers, advertisers and wireless carriers alike,” says Brian Boroff, Founder and CEO of Adfone. “As the global pandemic reshapes the way in which consumers engage with their mobile devices, Adfone reduces their financial costs while expanding the availability of data plan use.”
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Games account for 43% of all smartphone use. Adfone turns playing fun games and completing simple offers or surveys into meaningful discounts on mobile phone users’ monthly phone bills, which has become increasingly valuable to consumers in these difficult times. It’s a vital source of additional revenues and greater loyalty for wireless carriers who preload and market the app under their brand. Additionally, mobile app and game developers, as well as leading brands, are noticing the depth of engagement from these consumers and are increasingly interested in advertising on Adfone’s rewards platform.
“Adfone users are very engaged, and advertisers love engaged users. Since the beginning of the year we have seen an increasing demand to advertise on Adfone’s platform, especially from DTC brands, subscription services and gaming apps.” said Offer Yehudai, President of Fyber, a leading global app monetization company.
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The company is transforming the economics of the global mobile market and offers industry-leading services to wireless carriers and advertisers to build and generate revenue in revolutionary ways through mobile user engagement. The funding will allow Adfone to support global growth of the company.
“Investing in Adfone is an investment in the future of mobile communications,” said John Cooper, Investor and Board Member of Adfone and former Co-Head of the TMT team at Houlihan Lokey. “Adfone will kickoff its first institutional round of funding this fall and has already begun initial conversations with qualified investors.”