Ibotta, a shopping app that gives discounts to its users as cash back every time the user shops is moving into next level as it has raised a $20 million Series B funding. With the new investment, the company looks to grow rapidly with brands, retailers and consumers. Press release posted after the break.
PRESS RELEASE: Denver, Colo.: Ibotta, Inc., the leading U.S. retail shopping app that gives users cash back when they shop and already one of the most frequently used mobile apps in the United States, received $20 million in Series B funding led by Jim Clark, to help aggressively scale its industry-shaping mobile loyalty platform. Known for its unique brand engagement model, Ibotta’s new funding will allow it to build on its industry leading position as a mobile loyalty and brand building platform in the grocery and consumer packaged goods (CPG) space while adding new brand and retail partnerships outside of grocery.
Ibotta’s Series B Investment comes on the heels of its rapid growth with consumers, brands and retailers, who are turning to Ibotta as a superior investment to coupons and digital media based on an ability to facilitate a direct conversation with consumers; and because Ibotta’s pay for performance model ensures that they only pay for mobile media when it results in a verified sale.
The company has already grown to over three million customers and enjoys partnerships with more than 80 leading retailers in over 100,000 locations in the U.S. As well as being the leading retail shopping app on iOS and Android, Ibotta also occupies the position of 16th most frequently used app in the U.S. in any category. and features offers by all ten of the largest CPG manufacturers.
“Ibotta represents the future of how mobile technology will be used to drive both in-store and online sales. Not only does Ibotta allow retailers to drive sales directly in store, but it also allows them to see what type of media engagement has the largest effect on resulting customer purchases,” 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.”
Ibotta’s turnkey verification process also allows for clear sales attribution, unlocking an offline environment where more than $10 trillion was spent by consumers last year.
“We are not only thrilled to have received this latest round of funding but to have also gained such a distinguished panel of advisors to our board. We intend to use the proceeds from our Series B to scale our business and engineering team, grow our consumer base and expand our current offerings into the multi-billion dollar offline affiliate market. Our recent success driving sales for our retail and brand partners demonstrates that offline affiliate programs can have a dramatic impact on in-store sales,’’ said Ibotta CEO Bryan Leach.