SeventySix Capital is pleased to announce its new portfolio company - kwik, an Internet of Things (IoT) service that allows consumers to re-order their favorite products at the push of a button.
kwik raised a $3 million round of seed funding and SeventySix Capital invested alongside of Norwest Venture Partners, Plug and Play, Correlation Ventures, Ecosystem Ventures, and other institutional and private investors.
Kwik is headquartered in Sunnyvale, CA and has R&D in Tel Aviv, Israel and is currently working with consumer brands such as Domino's, Budweiser, and Huggies. The company will use this investment to accelerate market availability via business development with brands, retailers, and home delivery services across the United States.
A Video Conversation with Wayne Kimmel, Managing Partner of SeventySix Capital - Part II
A Video Conversation with Wayne Kimmel, Managing Partner of SeventySix Capital - Part III
"Jon Powell and I are excited about this investment on several levels," said Wayne Kimmel, Managing Partner, SeventySix Capital. "First, we believe that kwik aligns with the thesis of our fund of investing in companies that are focused on the convergence of the physical and digital worlds. Second, we are impressed with CEO (Ofer Klein) who was introduced to us by Daniel Czertok of Comcast while we were in Israel in April, and his team's accomplishments to date. Third, we believe that we will be able to add significant value to kwik based on our relationship network in the consumer and retail industries."
"kwik has the potential to fundamentally change the relationship people have with major brands," said Ofer Klein, CEO, kwik. "As the very first open 'click and deliver' service, we can work with any brand, retailer, payments processor, or delivery service, making it possible for all brands to better understand the needs of and develop deeper direct relationships with their consumers."
Since 1999, SeventySix Capital has backed passionate, smart and nice entrepreneurs of game-changing startup companies in the e-commerce, retail and healthcare industries.
Wayne Kimmel and Jon Powell are the Managing Partners of SeventySix Capital. Powell is also the CEO of Kravco, a leading private real estate developer and property management company that developed the King of Prussia Mall.
