Bain Capital Ventures has led an $8.3M investment round in Clovr Media, which has built the first platform that converts banner, text-link, video, or mobile ads into card linked offers.
The company, which aims to pioneer “Loyalty 2.0,” or the next generation of consumer loyalty programs, gives advertisers the ability to offer special discounts to consumers without requiring any payment up front or paper coupons from users. The company works with financial institutions to present offers from select brands to customers via credit and debit cards. The benefit to advertisers is that they can track and measure clicks and spending.
Says Jeffrey Glass, Managing Director at Bain Capital Ventures, “Our investment in Clovr reflects our confidence that the card linked offer is the next step in the evolution of digital coupons and loyalty programs. This platform will eliminate the need for paper coupons and elevate the personalization of savings for every participating consumer.”
Competitors in the space include Offermatic, which raised $4.5 million from Kleiner Perkins Caufield & Byers, Ron Conway, Omar Hamoui and others.
The funding round was led by Jeffrey Glass of Bain Capital Ventures. Clovr Media’s seed round investors Kepha Partners and Common Angels also participated in this round, as well as angel investor Mark Wright. Based in Waltham, Mass, the company had previously raised $1.5M.
Photo via bfishadow on Flickr
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