Mobile savings app iBotta has finished off a $20 million funding round lead by notable Silicon Valley entrepreneur Jim Clark—founder of Netscape, Silicon Graphics and WebMD. TechCrunch reports that Clark, as a result of the funding, joined the company’s board of directors.
iBotta helps users save money on grocery, apparel and other common consumer purchases.
The app works by forcing consumers to actively interact with brands by answering a trivia question, reading a fact, watching a video, or sharing on social media. For each action, you earn $0.25-$0.50, generally. This is the part where it gets a little complicated—after users claim their offers, they scan the barcode of the branded items they have just interacted with, and then snap a photo of the receipt when the transaction is done and submit their claim to iBotta—which then moves whatever amount one has earned to their iBotta account.
Though not terribly well known, the app is becoming increasingly popular. Ibotta’s internal data indicates that it’s the 16th most frequently used application in the U.S. Over 2 billion rebates have been viewed in the app, and users have claimed a total of $7 million in cash rewards for the 70 million brand interactions they have completed.
Cash rewards are either paid in the form of gift cards or transferred to a PayPal account.
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