oneTXT, a company that provides payment processing on social networks, has raised $2 million in a first-round funding. The round was led by Metamorphic Ventures and was joined by KPG Ventures and New York Angels Fund. Individual angel investors also participated, including former Google (NSDQ: GOOG) exec David Hirsch, 24/7 Real Media co-founder Geoffrey Judge, former president and CEO of DB Advisors Roger Ehrenberg, and Mark Michel, former Group Head at TD Capital, TD Bank’s private-equity fund focused on the media and communications business.
The New York-based company is currently in private beta. As social networks, along with most media sites, turn to e-commerce and other marketing efforts beyond traditional advertising to drive revenues (e.g., Twitter is exploring such revenue streams), oneTXT is offering itself as something more than PayPal. The company says it can create customer retention programs and other marketing initiatives for social nets. Release