Eric Schmidt's Innovation Endeavors and WTI Back Tango Card, Randy Fennel Joins as CTO

SEATTLE, June 7, 2012 /PRNewswire/ -- Tango Card today announced the expansion of its Series A financing, adding key investors including Innovation Endeavors and Western Technology Investment. The additional $1.8M capital will be used to hire software developers and expand Tango Card's proprietary software applications. Tango Card also announced that former Westpac GM Technology and Boeing Joint Strike Fighter IT director Randy Fennel is joining the company in an expanded CTO role.

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"As a company we're focused on launching innovative and proprietary software applications in huge and unexplored verticals, execution, and strong brand and partner curation. With Innovation Endeavors and WTI as our first institutional investors we have access to incredible industry thought leaders, mentors and innovators from the Innovation Community. Both investors also bring very deep pockets and long-term focus to Tango Card," said David Leeds, CEO and Founder of Tango Card. "Additionally, our ability to attract someone with the pedigree, capabilities, and respect that Randy Fennel brings to the company underscores the exciting things we have already done and the mission we are on. Ultimately, this additional capital and the hire of Randy positions us to scale rapidly – a good thing since we have grown 30X already year-over-year," Leeds concludes.

"We were attracted to Tango Card's vision of bringing gift cards and digital goods to huge and unexplored areas, and doing this primarily through efficient and scalable software and proprietary applications," said Dror Berman, Founding Managing Partner at Innovation Endeavors. "We believe we can add significant value as partners and advisors and look forward to working with this exceptionally talented team." Maurice Werdegar, CEO of WTI stated, "We love David's track record of success and clear results-based leadership. I've known him since his FiberTower days, just before he and his co-founders took that company public, and we see similar opportunities here."

By hiring Fennel, the company engages the right leadership to scale and deliver for key corporate and channel partners. "When I moved back to Seattle after running Westpac's engineering and sustainability division, I had a lot of opportunities. Tango Card was an ideal fit given the company's growth, strategy, and teambuilding," said Fennel. "I'm really excited by David's vision and what I've seen so far."

About Tango Card. Tango Card is redefining how enterprise customers incorporate digital goods into their gift card and loyalty programs. Our solutions power Bing Rewards, FedEx, Extole, and Shutterfly (Treat.com), and our proprietary software is integrated with some of the largest SaaS, social TV, and cloud-based solutions today.

Press Contact:
Kelly Scott
Tango Card, Inc.
[email protected]
877.55.Tango (877.558.2646)

SOURCE Tango Card