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Computers, General news, Communications, Internet, Finance

Michael Eisner Backs Zumbox


Zumbox, a digital postal system startup, on Monday said it scored $8 million in a first round of funding that includes former Walt Disney CEO Michael Eisner.

“New investors include some of the most well-known and widely respected names in the technology, marketing, and entertainment industries.” Zumbox CEO Donn Rappaport said in a statement.

Westlake Village, California, Zumbox has created a postal system that assigns a digital mail box, or a Zumbox, to every street address in the United States. The company claims that all postal mail can be sent digitally, doing away with printing, scanning, and mailing costs.

Separately, the U.S. Postal Service announced Tuesday that it plans to offer up to $450 million to as many as 30,000 employees in a jobs buyout to cut costs. The move comes after a sharp decline in mail volume, according to the agency.

Besides the former Walt Disney chief, Zumbox investors include former Priceline.com CEO Rick Braddock, Shelter Capital Partners, Guthy Renker, and Zumbox’s CEO, Mr. Rappaport.

Zumbox said that it plans to begin the nationwide rollout of its service by year's end.