Dive Brief:
- Ibotta, a mobile shopping app that asks users to engage with brands to unlock coupon savings, has secured $40 million in Series C funding for growth.
- Silicon Graphics and Netscape founder Jim Clark led the funding round, which brings Ibotta’s total to $73 million.
- Ibotta offers savings on packaged goods, apparel, and other products at more than 500,000 U.S. stores including Target and Best Buy, and ranks No. 28 at the iTunes App Store.
Dive Insight:
In the mobile age, being on the the cutting edge of couponing means ditching the scissors. After more than 10 million downloads, Ibotta has won an additional $40 million in Series C funding to grow its mobile couponing app, bringing its total to $73 million.
Like coupons, Ibotta alerts consumers to money-off offers on goods, then gives them cash back upon purchase. The difference is that shoppers must serve as their own checkout clerks after the fact, scanning bar codes and uploading photos of their receipts to take advantage of their savings.
Ibotta also creates brand engagement: When users see an item listed, they must answer a question, watch a video or share something to access the savings. Users can also create a shopping list to have Ibotta find deals; the latest funding will go toward further personalization of the app, the company says, as well as data analytics products.