As part of then new funding, it’s launching a healthy eating program in partnership with lead investor Edenred. American Express Ventures, DCM, Flybridge Capital Partners, First Round Capital, and others also participated in the round.
SavingStar works with over 200 grocery companies around the United States to create exclusive savings deals. You set up an account with SavingStar, choose the deals you wish to use, and then go shopping. The company hooks up your account to your existing loyalty cards and records all of your transactions. When you hit a deal threshold (for instance, you buy three bottles of soda and save $1), SavingStar will credit you that money, instead of taking it off of your total amount at check out.
When you’ve saved the lump sum of money you’d like to withdraw, you can either receive it through a direct bank deposit, a PayPal deposit, a gift card, or donate it to charity.
SavingStar also has mobile apps for iOS and Android you can use to track purchases, find stores, and add coupons.
Edenred and SavingStar are partnering up for a joint venture called NutriSavings, specifically focused on healthy eating in the workplace. The idea is to help companies lower health insurance costs by putting in place healthy eating programs that set objectives for healthier employees. The NutriSavings website tracks the food purchases you make and gives you a quality score on how healthy your shopping cart it. It then provides you with guidelines on how to improve that score and receive savings geared toward healthier products.
The company launched in April 2011 and is based in Waltham, Mass. It says it currently has over three million customers. SavingStar has raised a total of $27.3 million including this funding.