Ibotta Raises $40 Million, Leads Charge Of Unified Rewards Apps
Combined with the success of copycat apps, the fundraising suggests businesses and consumers alike are placing a high value on Ibotta’s services.
Rewards app platform Ibotta has raised $40 million in a third round funding in an attempt to “aggressively scale its mobile loyalty program,” the company says.
The company hopes that the increased funding will help to solidify its role as an app that bridges the gap between mobile phone use and in-store shopping. But Ibotta markets itself as a valuable tool not just for consumers, but for advertisers as well, saying that it facilitates “direct interaction with consumers.”
“I’ve witnessed first-hand how Ibotta is using mobile technology to change how consumers shop, and how it is driving in-store sales for their partners,” said Clark. “Ibotta is the bridge that ties media to brick-and-mortar sales, at the item level. It is exactly what the advertising industry has been clamoring for, and I’m excited to be a part of their growth moving forward.”
Ibotta has also made some significant partnerships in recent months, including one with Qualia to combine user intent data and Ibotta’s sales data to give advertisers a better look at how their campaigns are affecting sales.
“We are excited to close on this latest round of funding and appreciate the continued support from Jim Clark and our distinguished advisors on our board. The Series C will allow us to continue our rapid growth and focus on bringing more cash back rebates to our users via the world’s largest offline affiliate platform,” said Ibotta CEO Bryan Leach.
Anytime a startup raises a significant amount of funds, it can be a helpful barometer of the value investors are placing on the service it provides. The fact that Ibotta, an app that replaces a large amount of store-specific loyalty apps into one location, raised $40 million suggests that the idea of a unified rewards programs for a variety of stores holds water for retailers and investors alike (reinforced by copycat programs like Starwood’s mall-wide rewards app). Ibotta being in the top 60 most popular free apps on the Apple App Store suggests consumers are putting a high value on it as well.