December 13, 2011 | Matt Marshall
VentureBeat
Belly, a loyalty and customer rewards program for small and medium sized businesses, launched today in Chicago, announcing it has received more than $1 million in seed capital from Lightbank, the firm owned by the co-founders of Groupon.
In a way, New Belly can be considered the opposite of Groupon. Groupon is known for helping businesses with customer “acquisition,” and has been criticized for being a pump and dump sort of business — maximizing customers for businesses, but not caring about customer loyalty.
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