Coming on the heels of tremendous growth with consumers, brands, and retailers alike, Denver-based Ibotta closed in on $20 million in Series B funding today. With founder of Silicon Graphics and Netscape Jim Clark acting as the lead investor and joining the Board of Directors, Ibotta’s announcement means further expansion for the U.S. retail shopping app. Currently, Ibotta stands with over three million users, and works with more than 80 leading retailers in over 100,000 locations in the country.
Ibotta’s innovative brand engagement model allows users to receive cash back when they shop, and its popularity makes it one of the most frequently used mobile apps in the nation. The new funding will grant Ibotta the opportunity to zero in on its industry leading position, cementing its mobile loyalty and not only grow its brand-building platform in the grocery and consumer packaged goods sphere, but also venture beyond and cultivate other brand and retail relationships.
The future is bright for Ibotta; early projections show Ibotta tripling its revenues as well as its active user base. “We are excited about being able to rapidly expand our industry-leading offline affiliate model,” said head of marketing Rich Donahue. “Scaling out team and our user base will allow us to pursue more quickly the things that we believe will move the needle for our brand and retail partners.”
Not only does Ibotta plan on continuing to emphasize expanding its consumer base, the new funding also means it can increase its talented team.
“We’re exceptionally proud of what we’ve built here in Denver, and will be aggressively hiring across every function in the company,” said Donahue. “We’re hoping to expand from less than 50 now to more than 100 by this time next year.”
With a larger staff and more funding, Ibotta will leave its mark: “Anyone who is shopping should be using Ibotta and we want to make sure that we become the go-to resource for rebates when consumers are shopping – especially in the offline environment,” said Donahue.