There have been dozens of apps that have sought to conquer the mobile shopping companion app space, but few have been as successful as Ibotta.
In a press release, Ibotta announced that its preliminary success connecting shoppers with savings straight from brands and retailers has led to $40 million in Series C funding. Jim Clark, founder of Silicon Graphics and Netscape and board member at Ibotta, was the lead for the funding round.
“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,” Clark said. “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.”
Part of the reason for Ibotta’s new cash injection can be attributed to the seamless way the app gives customers real rewards for simple tasks. Instead of shopping companion apps that make consumers jump through hoops for paltry rebates, TechCrunch explained how Ibotta lets customers take short surveys, answer quizzes, share links on social media or a host of other engaging activities. After customers scan their receipts and their purchases are verified, Ibotta immediately transfers applicable discounts and rebates to your account.
The news of more funds shouldn’t come as a surprise to Ibotta’s executives, as The Denver Post reported Tuesday (Sept. 29) that the company released plans to hire an additional 200 or 300 employees for its Denver headquarters, which will roughly triple in floor space.
“We want to be that app on every single person’s front screen of their phone, and we want people to know it’s a Denver company that is doing this,” Clark told The Denver Post.
For now, Ibotta plans on riding that Rocky Mountain High as long as it can.