PRLog - May 9, 2012 - VANCOUVER, British Columbia -- RewardLoop, the mobile loyalty platform that uses a merchants’ real-time POS data to reward customers, announced it has raised $1 million in Series A funding to build out their transaction-
Offering merchants item-level purchase data
Unlike other mobile loyalty programs that leverage check-ins or other vague signals to measure customer loyalty, RewardLoop tracks dollars spent and items purchased. As a result, businesses are able to better understand their top customers and engage them with personalized, real-time customer loyalty relationships on their mobile device.
RewardLoop delivers its service via a web app and a plug-and-play adapter called RewardLoop Connect that works with 85% of the Point-of-Sale (POS) platforms that use countertop receipt printers. The adapter sits between a merchant's point-of-sale terminal and receipt printer and adds a transaction-
"RewardLoop has developed a simple, cost-effective way for local merchants to take advantage of enterprise-grade CRM and mobile loyalty solutions," said Scott Jacobson, Managing Director at Madrona Venture Group. "The level of insight and detailed analytics the product delivers was previously available only to merchants willing to rip-and-replace existing POS systems or invest in expensive, one-off integrations."
In under 30 minutes and for less than $100, merchants can launch on the RewardLoop platform and begin to track and reward customer behavior. The company has built a future-proof offering with support for Near Field Communications (NFC) peripherals, the standard powering the next generation of mobile payments.
"When we started RewardLoop, it was clear that mobile represented a powerful way to transition loyalty programs from no-tech paper punch cards to something valuable for both the merchant and customer," said RewardLoop co-founder and CEO Jeff LaPorte. "Our mobile loyalty solution offers unprecedented insight into customer data for merchants small and large - this changes the game for millions of retailers."
Milano Coffee, an independent coffee shop in Vancouver, B.C., has seen promising results from their early beta testing. Just three months after implementing RewardLoop, 23% of daily transactions are being made by customers enrolled in their loyalty program. The customer engagement benchmarks with RewardLoop considerably outperform sophisticated rewards programs run by leading national coffee retailers. An infographic case study of the cafe's experience is available at: http://corp.rewardloop.com/
RewardLoop is a plug-and-play mobile loyalty platform and network that rewards customers based on merchants’ real-time POS data. The company’s patent-pending innovations enable a merchant of any size to simply and cost-efficiently identify their most profitable customers, and engage them in individualized, transaction-
Madrona Venture Group
Madrona has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum including consumer Internet, commercial software and services, digital media and advertising, networking and infrastructure, and mobile. Madrona currently manages over $650 million and was an early investor in companies such as Amazon.com, Isilon Systems, Apptio, ShopIgniter, and Indochino. To learn more, visit www.madrona.com.