Venture Capital News: Kiip Receives $12M Series C Financing
SAN FRANCISCO, CA, Kiip, a mobile rewards network, has raised $12 million in Series C funding.
According to Techcrunch, Kiip has announced the close of its $12 million Series C round led by North Atlantic Capital with new investors participating like US Cellular and North Atlantic. That brings its total amount of funding up to $32 million.
To date, Kiip's rewards platform is embedded in 5,000 mobile apps and delivers anywhere from two to three million rewards every day. Kiip's mission revolves around something it calls moments marketing, which aims to push rewards at the most relevant moment to the consumer. When an app sees that you just finished running, a brand like smartwater could reward you with a 20% off coupon. Kiip works with brands including Coca-Cola, Smucker's, Campari, The Home Depot, Marriott, Advil and KitKat.
In the last year, Kiip's revenue has doubled and is on the verge of breaking even, Wong said. The active engagement rate on Kiip rewards is now at 19%, up from the average engagement rate of 12%.
'That means rewards are becoming more relevant to the consumer and people are redeeming them more and more,' Wong said.
With the new injection of funding, Kiip plans to ramp up product development and create better tools for developers because that's ultimately where the value lies.
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