Coupon Redeemer OfferIQ Rings Up Series A Funding To Fill Gaps
New York—March 15, 2010—A number of companies w ant to beam coupons and other promotions directly to consumers’ mobile phones, but are stymied by the fact that many retailers lack the type of softw are at the point of sale that’s needed to redeem such offers.
OfferIQ Inc., a New York company that w as formed last year, is partnering w ith financial institutions, loyalty-program providers, coupon companies and various retailers in an effort to bridge that gap.
OfferIQ says it has raised a Series A round of more than $1 million from Metamorphic Ventures, Asset Management and individual investors. Chief Executive Paul Harkins said the company w ill use the round to hire more staff and reach out to more potential partners.
According to Harkins, a range of retailers w ant to offer promotions and incentives to certain demographics of customers, but do not have access to the information they need to do so.
While institutions like banks have such information, they do not freely hand it out. By partnering w ith banks, OfferIQ is able to give its retailer partners some of the information they need, as w ell as the softw are to redeem the offers w hen the customers come in.
OfferIQ also partners w ith mobile coupon companies, w hich are often the middle-men in such transactions.
A consumer, after indicating he is amenable to receiving coupons and other offers, merely dow nloads OfferIQ’s mobile application, and can then redeem the offers w ith retailers using his phone.
“Y ou go into a store and spend, and you sw ipe your card,” Harkins said. “The incentive is attached to your card” and can be redeemed instantly.
OfferIQ has six employees, and w ill use the Series A to hire more staff and build out the company’s Web-based services. He declined to give information on valuation or revenue.
OfferIQ has approached a number of large retailers, Harkins said, and outfitted their stores w ith the proper softw are.
The company is preparing to publicize its roster of customers, w hich includes financial institutions, retailers and mobile coupon companies, Harkins said.
http://www.offeriq.com
Timothy Hay