Investment gained for eBillme

[img_assist|nid=9087|title=|desc=|link=none|align=left|width=100|height=47]$12 million was raised in a financial round by MODASolutions, parent company of cash-based online payment service eBillme. The funding was provided by global venture capital firm Canaan Partners, along with existing investor Celtic House Venture Partners to allow the company to extend its merchants base and enter new markets.

"The market dynamics are pretty tough, and the market is seeing dryness when it comes to investments from venture capital firms, so for us to be able to raise capital given this context is very significant," noted eBillme CEO Marwan Forzley.

Customers shopping online that choose eBillme option can make their payments using their online banking accounts, with no personal or financial information transmitted over the Internet.

The investment is expected to help eBillme boost its sales and increase marketing operations as reported by Mr. Forzley. He stated that at the moment the company is seeking to gain 10 new positions this year and the same number in the first six months of 2009.

Under the terms of the agreement Canaan general partner Maha Ibrahim and Celtic House partner Pierre-Andre Meunier will join eBillme's board of directors.