Portugal Ventures, Faber Venture invest $1m in mobile marketing company Passworks


network_lrgPortugal Ventures and Faber Ventures have helped mobile marketing company Passworks launch in beta by investing $1m in the Lisbon-based business.

The software-as-a-service company allows brands to create a pass in the design studio and distribute a mobile marketing campaign in the form of digital coupons, membership or loyalty cards and events or travel tickets.

Faber Ventures, a venture development and investment firm focused on early stage digital businesses, worked and partnered with Passworks from the start, acting first as venture builder and now as co-investor in this round.

Managing director Alexandre Barbosa said, “We’re really excited to be supporting Francisco and the Passworks team in their on-going creation of a complete location based mobile marketing solution for brands and retailers.

“Passbook, Google Wallet and Windows Phone Wallet are still very new to the market, and finding the best way to tap into them is an on-going development.”

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