Ibotta receives $20M Series B funding, will expand brands and retail partnerships

By: InnovatioNews Friday August 8, 2014 0 comments Tags: Bryan Leach, Denver, Ibotta, Jim Clark

 

DENVER - Ibotta Inc., a leading U.S. retail shopping app that gives users cash back when they shop, announced it received $20 million in Series B funding led by investor Jim Clark.

The new funding will be used to build on the company's industry-leading position as a mobile loyalty and brand-building platform in the grocery and consumer packaged goods space while adding new brand and retail partnerships, Ibotta said.

The company has already grown to more than 3 million customers with partnerships with more than 80 leading retailers in more than 100,000 locations in the U.S.

As well as being the leading retail shopping app on iOS and Android, Ibotta said it also occupies the position of 16^th most frequently used app in the U.S. in any category and features offers by all 10 of the largest CPG manufacturers.

"Ibotta represents the future of how mobile technology will be used to drive both in-store and online sales," said Jim Clark, lead investor and new member of Ibotta's board of directors.

"It not only builds loyalty through mobile media interactions but also allows brick-and-mortar retailers to drive and measure the increase in real traffic to their stores, down to the item-level purchase."

"We intend to use the proceeds from our Series B to scale our business and engineering team, grow our customer base and expand our current offerings into the multi-million-dollar offline affiliate market," said Bryan Leach, Ibotta CEO.