Imagine using your credit or debit card, and receiving an instant rebate notification on your smartphone. Suddenly, that latte you ordered is a dollar off. That’s a pretty good deal–and it’s exactly the kind of thing edo Interactive wants retailers to offer their customers. Those who link their phones and cards to their edo accounts will be eligible to redeem such offers from participating merchants in real-time.
[ibimage==19110==Large==none==self==ibimage_align-center](Photo courtesy of edo Interactive)
On Thursday, Sept. 13, edo announced a $15 million Series C funding, bringing their total financing to $54.3 million. This round was led by VantagePoint Capital Partners in conjunction with Chicago-based Baird Venture Partners–both returning investors from edo’s previous round–and its other existing investors.
Chief Revenue Officer Mark Marinacci says the funds will be used to invest in their staff, which has grown 30 percent since January. Any leftover money will be put toward expanding edo’s team here in Chicago as well as in Nashville.
“Both cities have a growing technology presence, and Chicago is also a hotbed for advertising and technology talent, from data scientists to advertising sales leaders,” he says. Recently, edo hired their Chicago-based CTO Jeff Sippel from Orbitz. As for adding more jobs, Marinacci says it’s in the plans and that edo’s headcount here is growing “at a steady pace.”
In addition to staffing needs, the new funds will help edo expand partnerships with a variety of people, from major advertisers to media publishers. Marinacci believes edo has the tools to drive traffic and measurable sales for small business in a way that that’s better than other advertising solutions.
“As mobile, online and in-store converge, edo is positioned extremely well to help marketers and merchants meet their business needs,” Marinacci says. “We are all about making shopping, and saving, simple and we believe [that simplicity] will separate the winners from losers...We believe that if merchants are looking for innovative ways to engage shoppers, they should focus on making it simple rather than ‘fun.’”
Say what you will, but the ease of an instant rebate on my phone sounds like a win to me.
To learn more about how edo Interactive works, check out this video.
Visit edo Interactive’s website, check out their BIC profile, and follow them on Twitter at @edointeractive.
