Above: CrowdTwist CEO Irving Fain
Consumer loyalty platform CrowdTwist, one of the graduates from TechStars NY’s first class, has announced a huge revenue growth of 3,200 percent year over year.
CEO Irving Fain once complained to me that his company didn’t get much screen time on the Bloomberg reality show, since there was little drama in a startup with a steady business. But his investors must be happy to see that things are going well, with revenue up; new blue chip clients like Sony, Pepsi, and the Miami Dolphins; and new executives poached from from big agencies like Digitas and Momentum Worldwide.
CrowdTwist is a white-label software company that aims to help companies extend their loyalty platforms beyond retail store to web sites, social networks, and mobile apps.
“A lot of traditional approaches don’t reach far beyond the brick and mortar,” Fain told me in a phone interview yesterday. “But when you can identify that customer on Facebook, Foursquare and your mobile app, you can tailor the rewards and increase engagement.”
Since launch last October, CrowdTwist work with Sony’s Kelly Clarkson has seen a 40 percent increase in purchase size and a 900 percent lift in engagement among her fans. Across the board, CrowdTwist customers are seeing an average purchase size increase of more than 30 percent and an average engagement lift of 1,000 percent.
The new hires are Adam Trisk, a former vice president of business development at Digitas, and Frederick Brown, who was an executive VP at Momentum Worldwide.
CrowdTwist raised a $6 million round of funding led by Softbank back in September 2011. With young startups, it’s hard to say what 3200 percent growth really means, but it’s worth noting that CrowdTwist entered the TechStars program when it was already a year old and generating revenue, so this isn’t a big jump from nothing to something.
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