RewardLoop Raises $1 Million from Madrona

Posted by Rob Lewis

Last year Vancouver's RewardLoop won the Most Promising Startup Award at the BCTIA Technology Impact Awards and made the Top 10 in the BCIC-New Ventures Competition.

Today they announced that they have raised $1 million in Series A funding to build out their transaction-based mobile loyalty offering for merchants. Seattle's Madrona Venture Group led the round.

Unlike other mobile loyalty programs that leverage check-ins or other vague signals to measure customer loyalty, RewardLoop tracks dollars spent and items purchased. As a result, businesses are able to better understand their top customers and engage them with personalized, real-time customer loyalty relationships on their mobile device.

"RewardLoop has developed a simple, cost-effective way for local merchants to take advantage of enterprise-grade CRM and mobile loyalty solutions," said Scott Jacobson, Managing Director at Madrona Venture Group. "The level of insight and detailed analytics the product delivers was previously available only to merchants willing to rip-and-replace existing POS systems or invest in expensive, one-off integrations."

In under 30 minutes and for less than $100, merchants can launch on the RewardLoop platform and begin to track and reward customer behavior. The company has built a future-proof offering with hardware that supports Near Field Communications (NFC) transactions, the standard powering the next generation of mobile payments.

RewardLoop was co-founded by Jeff LaPorte and Nigel Malkin in 2010 and was originally known as QR Loyalty.

Company:
Madrona Venture Group
Website:
http://www.madrona.com
Location:
Seattle, Washington, United States

Madrona Venture Group invests in companies building the new "next," be it upgrading the backbone of technology, creating new business models on the Web, or changing the status quo of communications. You bring the idea, the technology, and enthusiasm. We'll do our part in helping you to realize your vision. We are a resource-rich venture firm that helps companies realize their full potential via a well established... more

Company:
RewardLoop
Website:
http://www.rewardloop.com
Location:
Vancouver, British Columbia, Canada

RewardLoop (formerly QR Loyalty) provides card-less loyalty programs for the mobile era. The company’s innovations enable merchants of any size to simply and cost-efficiently print QR code-based loyalty transaction identifiers on bills and receipts, which consumers scan with their mobile devices to earn and redeem loyalty rewards. more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more




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