Social Payment Startup Venmo Raised $1.2 Million And Has A New iPhone App (TCTV)

Mobile social payments startup Venmo has some interesting backers and a new iPhone app. The Philadelphia-based company closed $1.2 million in seed funding last May led by RRE Ventures. Other investors include betaworks, Founder Collective, as well as angel investors Dave Morin (founder of Path, senior platform manager at Facebook) and Sam Lessin (Drop.io CEO). Co-founder Andrew Kortina used to work at betaworks, where he was one of the original engineers on URL shortener bit.ly. Earlier today, I met up with Kortina and Venmo's other co-founder Iqram Magdon-Ismail at a coffee shop in New York City, where they showed me their newest iPhone app (see video, taken on my iPhone).