[ibimage==47659==Original==none==self==ibimage_align-center]A Chicago- and Nashville-based company that helps consumers save money and retailers make money just raised quite a bit of cash itself.
On Wednesday, edo Interactive announced it closed a $20 million Series E round. Existing investors contributed to the equity-based funding, including VantagePoint Capital Partners, Baird Capital, and multiple Nashville-located investment groups. Furthermore, the company — founded in 2007 — announced that its board chose Souheil Badran to be the new president and CEO, replacing founder Ed Braswell, who will continue to serve as executive vice chairman.
“The great thing about the funding is that the investment was made by the existing investors, which continues to show the support that we have from them in the business itself," Badran said.
“There is good demand in the industry for what edo is trying to do, so the timing of me joining is really good."
The money will be used to quicken development of edo’s technology, the heart of which is a card-linked platform that provides a seamless way for consumers to redeem special offers at their favorite stores, ultimately increasing sales for retailers and successful campaigns for marketers.
Additionally, the funding will be used to broaden the scope of edo’s sales, marketing and business development goals, as well as strengthen existing partnerships, such as its relationship with Visa Europe. Badran, who works from Chicago and previously led global payments and SMB strategy for Digital River, said more partnerships could be announced in coming weeks.
According to Badran, edo is looking to launch in Poland by year's end, and France and Ireland are on the radar, as well.
Through edo’s technology, consumers can redeem offers and boost their savings simply via their credit or debit card or their mobile phone — no cutting or printing of coupons is necessary. Users are exposed to weekly, specially-curated offers via email, text message and push notifications.
Close to 100 persons are employed by edo, Badran said.
Have a tip for us or know of a company that deserves coverage? Email us via [email protected].
