U.S. retail shopping app Ibotta has secured $20 million in Series B fund-raising, led by technology entrepreneur Jim Clark, the founder of Silicon Graphics and Netscape.
Ibotta will use the funding to further build its mobile loyalty and brand building platform in the grocery and consumer packaged goods space, as well as expand its brand and retail partnership base. Ibotta has partnerships with retailers such as Aéropostale, Target and Wal-Mart, and online retail sites such as jcpenney.com, nordstrom.com, forever21.com, kohls.com, Birchbox.com, sephora.com and lordandtaylor.com.
Ibotta uses a pay-for-performance model, in which clients pay for mobile media when there is a verified sale. Ibotta gives users cash back when they shop, and for brands and retailers is an advertising option to the traditional investments in paper coupons and digital media.
According to Ibotta, since 2011 it has had more than 2 billion rebates viewed, 70 million completed brand interactions and more than $7 million in cash rewards earned by users.