Powa Technologies which secured a $96m investment from one
the world’s largest investment funds launches PowaTag in New York on March 3rd.
The UK based firm headed and 70 per cent owned by CEO Dan
Wagner, via his Bright Station Ventures holding company, has developed
technology that will enable consumers to snap a photo of a product they wish to
buy with their smartphones and make an immediate online purchase. Manufacturers
including Electrolux, Hoover, Lavazza, and publisher Harper Collins are lining
up to deploy PowaTag as it will enable them to make direct sales to consumers
rather than sacrifice significant margin to the likes of Amazon. In the U.S.,
Powa will receive 40 cents from its merchants every time the technology is used
to make a payment. Part of the investment raised by Wagner’s team will be used
to hire an extended sales team to represent both the new product and the
business’ Powa eCommerce platform to United States retailers. Wagner had been
understood to be mooting plans to take Powa public within 12-18 months, like as
not in the United States. However national press reports have indicated that
any such plans are far from confirmed.
Share