Mall Networks Lands $6.6M More to Push Online Shopping and Rewards Platform
Online shopping—and rewards programs in particular—seem to be on the rise. Mall Networks, a promoter of online customer loyalty programs, has closed a new $6.6 million round of venture funding, according to a regulatory filing with the SEC. Attempts to reach the company, which is headquartered in Lexington, MA, and has an office in Silicon Valley, were unsuccessful yesterday.
The investors in the new round weren’t named, but Mall Networks’ existing investors from Dace Ventures, Flybridge Capital Partners, Venture Capital Fund of New England, and LBO Enterprises are listed as directors on the SEC form. According to a report in Mass High Tech, all of these firms participated in the new funding round, which is being called a Series C.
As its name suggests, Mall Networks has created a network of online malls—collections of products from more than 700 name-brand merchants such as Verizon, Best Buy, and Shop.org—where people like Chase credit card holders or Delta frequent flyers can earn rewards points or miles for every dollar they spend. The company raised a $7 million Series B round in August 2008, when Wade reported on its strategy of tying together consumers, brands, and stores with banks, credit card companies, and airlines—all in the name of promoting customer loyalty programs, so that everyone makes more money.
Mall Networks was co-founded in 2005 by its former chief executive Dave Andre. The company is now led by CEO and president Tom Beecher, according to its website. Beecher is the former CEO of Imagitas, a private-label marketing services company, and previously was a managing partner at Biltmore Capital Partners, a private investment fund. As of August 2008, Mall Networks had some 40 employees and was planning to expand its software platform and hire about 10 more staff in sales, marketing, and service areas.