Linkable Networks Grabs $11.7M Series C for New Hires
Linkable Networks, a company whose software lets consumers link coupons and other rewards to their credit and debit cards, has received $11.7 million in a Series C funding that it will use to further develop its product and double the size of its staff.
The money came from existing investors Kepha Partners, CommonAngels, and BlueChip Ventures, as well as individuals, a spokesperson said. Kepha and CommonAngels provided $1.5 million of seed funding in 2010, when the company was founded as Clovr Media by serial entrepreneur Tom Burgess. It changed its name to Linkable Networks in 2011.
Consumers can link offers they see—from an item-specific coupon or rebate to a store-wide offer—to a credit card or PayPal account. The discount is awarded when the person uses that card to make the purchase. The idea is for brands to prompt further loyalty among customers by giving rewards to consumers of the brand, the company said in a statement. Boston-based Linkable Networks says it has registered 200 million credit and debit card holders.
Linkable Networks also has software that allows brands to track advertising metrics, the company says.
Before Linkable Networks, Burgess sold Boston-based mobile advertising company Third Screen Media to AOL in 2007.
The company announced three new executive hires along with the financing: Mike DiFranza, the founder and former president and CEO of Captivate Networks, is now Linkable’s president; John Caron is leaving his role as VP of marketing at digital media company Catalina to become the chief marketing officer; and L. Jeff Jensen is becoming the company’s executive vice president and general manager of the advertisement-tracking portion of the business, Omnyverse.