Dan Wagner scoops up $20.7m investment for Powa Technologies

In the largest series A round ever awarded to a tech start-up, serial entrepreneur Dan Wagner has scooped up a $20.7m (£12.5m) investment for his e-commerce platform Powa Technologies.

The investment comes after the Massachusetts-based fund put in $76m in the firm last September.

“This is an extraordinary amount of money. It is a resounding endorsement of our market potential. We have built the first British true internet sensation. Britain’s first potential Google or Facebook,” Wagner told the Daily Telegraph.

The investment will be used for developing Powa Technologies’ PowaTag, a payment technology that will allow users to buy a product by taking a picture on a smartphone.

In 1984, aged 21, Wagner set up MAID, an online market research information service. Just 10 years later, MAID listed on the London Stock Exchange for £120m.

A year after that, Wagner was invited to the launch of MSN with Bill Gates, as MAID was the main content provider for the service.

In 2001, Wagner launched another e-commerce platform Venda which provided cloud and software as a service (SaaS) platforms to the BBC, Tesco and Jimmy Choo, among others.

Now read:

He floated his first company for £120m, aged 31. Now Powa CEO Dan Wagner says the UK doesn’t get tech

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