Google billionaire Eric Schmidt’s venture firm backs mobile payments company Mozido


Eric Schmidt Google TomorrowVenturesTomorrowVentures, the early-stage investor co-founded by Google billionaire Eric Schmidt, has backed a $70m financing round for mobile payments business Mozido.

The company has received the first $30m of the round, which was also backed by Brentwood Investments, Altanticus Corp and Bob Turner of Turner Investments.

Former First Data Corp chairman and CEO Ric Duques has become chairman of the board following the investment.

He led its $29bn acquisition by private equity giant KKR in 2007.

Duques said, “This institutional investment is a significant milestone in Mozido’s growth.

“It validates the business model that visionary founder Michael Liberty has created and will accelerate the global success of Mozido’s mobile payment services.”

Mozido has grown into a global mobile payments company with operations in the US, Mexico, Central America, the Caribbean, the Middle East, and Southeast Asia, with expansion into India and Africa coming soon.

Copyright © 2013 AltAssets