Denver, Colo.-based Ibotta Inc. just pocketed a cool $40 million.
The Series C round of funding was led by billionaire Jim Clark, the founder of Silicon Graphics and cofounder of Netscape Communications Corp.
Ibotta got its start in 2012 as an app for grocery couponing but has since expanded into partnerships with retailers in other categories including apparel, beauty, electronics and even beer and wine.
Retail partners include Target, Macy’s, Gap, Joe’s Jeans, White House|Black Market, Ulta and Sephora. The company said it counts more than 150 retail partners and has had more than 10 million downloads of the app in the U.S.
The app, for iOS or Android, works on two different levels. Customers can earn coupons or discounts by answering a single question, for example. Retailers, in exchange, earn valuable consumer data in some cases. App users can also earn cash back by making purchases through the app.
“I’ve witnessed firsthand how Ibotta is using mobile technology to change how consumers shop, and how it is driving in-store sales for their partners,” Clark said in a statement. “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.”
The funding follows last year’s close on a $20 million round, also led by Clark. The company before that had raised nearly $10 million, according to documents filed with the Securities & Exchange Commission.
A good chunk of the funding will be used for hiring, with Ibotta expected to triple its workforce in Denver.