Clovr Media, a developer of credit card-linked offers for online advertising, said today it has received $1.5 million in seed funding in order to launch a new platform that bridges the link between online deals for consumers and banks looking to re-connect their customer base.
Waltham, Mass.-based Clovr bills its new card-linked platform as part of its “Loyalty 2.0” campaign, which can now directly link digital ad spending to consumer purchases with 100 percent attribution. The new platform will be the first of its kind to convert banner, text-link, video or mobile ads into Card Linked Offers (CLOs) automatically.
A bank’s customer would like this because when clicked, CLOs link product discounts directly to a their credit/debit card with no point of sale hoopla, no mail-in rebates and no paper coupons. Discounts just appear directly on a consumer’s bank statement.
Clovr said consumers will then feel more connected to their financial institution and put those banks “top of the wallet,” because they are being offered first crack at ads that have learned their preferences and buying habits—and won’t have to do anything to achieve those discounts except click specific ads.
Clovr Media also announced today that has joined the ”12×12 Initiative,” a consortium of 12 CEOs and 12 venture capitalists focused on creating new businesses and entrepreneurship in Massachusetts.
Clovr Media is the latest venture from Tom Burgess, who founded and served as CEO of mobile advertising network Third Screen Media, which was acquired by AOL/Time Warner for undisclosed terms in 2007.
Burgess founded Clovr after Third Screen was bought out. The company currently has 14 employees and said it will use today’s infusion to expand its engineering team and bolster its sales and marketing department.
The financing this round came from Kepha Partners, which focuses on funding pre-seed, seed and Series A companies, and Boston-based venture capital firm Common Angels.
“CommonAngels only invests in the most promising, high-tech companies and we firmly believe that Clovr Media’s technology will transform how brands and financial institutions connect with consumers,” said Maia Heymann, chairman of the board of directors of CommonAngels.