LOS ANGELES, CA–(Marketwire – Jul 10, 2012) – Zumbox, the leader in digital postal mail services, has secured $10.6 million in Series C funding to further expand the reach of its free cloud based digital mailbox system for consumer households. This brings to $28 million the total capital raised by the company for development and distribution of its offering.
Existing investors were joined by CEO John M Payne and Computershare (ASX: CPU), a strategic partner of the company in the United States and a joint venture partner in Australia. Computershare is a global market leader in transfer agency and share registration, employee equity plans, proxy solicitation and stakeholder communications.
Zumbox will use the capital to fund operations, sales, marketing and development of its technology platform in the United States, a market which contains 45% of the world’s mail.
“It’s no secret the postal landscape is changing — almost every day we read about the struggles of the USPS and the increasing shift toward digital in our everyday lives,” said John Payne, CEO of Zumbox. “By every measure the market for digital mailbox services is growing rapidly and this financing will provide us the resources to continue our market leadership during this inflection point in growth.”
Over the past 15 years music, video, correspondence, photos, books and nearly every other form of consumer media has moved first to the traditional Internet and then to the cloud. Postal mail has been the major exception, largely due to consumer desire to have permanent files for recordkeeping and reminders for when to take action.
The Digital Postal Mail System powered by Zumbox™ provides a household hub based upon residential street address for all important digital mail received by consumers living at that address, enabling them to receive, view, archive and search digital postal mail in a single, secure, online environment. Consumers can say “Paperless, Please” and turn off their paper mail, secure in the knowledge that their mail is digitally organized and available “print on demand” any time they need it.
“Billers are extremely aggressive in their expectations for consumer paperless adoption, citing an increase from an average of 23% paperless today to 64% paperless in the next five years,” said Matt Swain, an Associate Director at InfoTrends, in discussing results from a recent report entitled The Emergence of Digital Mailbox Services: Moving Beyond Online Bill Consolidation in the U.S. “We believe embracing digital mailbox services as a delivery and payment channel will be critical to accelerating the consumer paperless migration.”
“The challenges many of our client businesses face are how to combat the constantly rising cost of postage for paper mail and how to broaden digital connections with their customers in a user-friendly, secure environment. They have to do something different if they are going to reach their goals in these areas and Zumbox has solved both those problems with its Digital Postal Mail service offering,” said David Hynes, Global Chairman of Communication Services at Computershare. “The company is at the very forefront of the evolution of traditional postal mail to the digital cloud.”