Clovr Media Receives $8.3 Million in Funding Led By Bain Capital Ventures

Fast growing card linked offer market receives significant endorsement

BOSTON--()--Key Facts:

  • Clovr has received $8.3 Million in a round of funding led by Jeffrey Glass of Bain Capital Ventures. Clovr Media’s seed round investors Kepha Partners and Common Angels also participated in this round.
  • Glass is a Managing Director at Bain Capital Ventures, where he focuses on wireless, digital media and consumer marketing technologies. Glass has led investments for the firm in LinkedIn, Targetspot, ScoreBig, Buywithme and BlipNetworks. Glass is also a highly successful entrepreneur in mobile and digital media. His last company, the mobile marketing juggernaut mQube, was acquired by Verisign in 2006.
  • Clovr also announces Mark Wright as an angel investor. Wright leads Blue Chip Venture Company’s Media & Marketing technology industry practice and is responsible for six Blue Chip IV portfolio companies, including IXI (acquired by Equifax), Third Screen Media (acquired by AOL), Verance, and [x+1]. Wright, a pioneer in interactive media, founded the industry leading marketing metrics company @Plan (now part of Nielsen) and founded and chairs the Media and Marketing Technology Council.
  • Clovr has built the first platform that converts banner, text-link, video, or mobile ads into card linked offers.
  • Clovr helps Financial Institutions bring valuable card linked offers to its customers – providing seamless savings and reward experiences that reflect consumer needs and preferences - creating “top of wallet” status for credit and debit cards.
  • With Clovr, advertisers can now achieve 100% attribution as card linked offers directly link digital ad spending to consumer purchase (clicks to bricks tracking and analytics). Clovr allows advertisers to offer special discounts to consumers while in the purchase consideration phase along with providing an immediate reward after the product is purchased.
  • Clovr brings consumers personalized savings offers from the brands they prefer, with no payment required up front, and no paper coupons or rebates.

Quotes:

“We believe that card linked offers will soon become ubiquitous,” said Jeffrey Glass, Managing Director at Bain Capital Ventures. “Our investment in Clovr reflects our confidence that the card linked offer is the next step in the evolution of digital coupons and loyalty programs. This platform will eliminate the need for paper coupons and elevate the personalization of savings for every participating consumer.”

“There is a tremendous market opportunity with card linked offers and Clovr is leading the charge with their innovative platform. I view card linked offers as ushering in the next generation of consumer savings and the category presents a limitless opportunity for Financial Institutions, retailers and advertisers alike to deliver a superior experience to their consumers,” said Mark Wright of Blue Chip Venture Company.

“Our funding from Bain Capital Ventures, and the recent announcement of Kleiner Perkins Caufield & Byers’ funding of fellow card linked offer provider, Offermatic, clearly demonstrates the excitement for the card linked offer market. Clovr Media brings the consumer a seamless, paperless savings experience and the advertiser a new advertising functionality that will become the new industry standard,” said Tom Burgess, Founder and CEO of Clovr Media.

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About Clovr:

Clovr delivers Loyalty 2.0 to the financial services and digital media ecosystems by bridging the gap between credit/debit card loyalty and interactive advertising in a way that is seamless and simple for consumers. Clovr has built the first platform converting banner, text, video, or mobile ads into card linked offers – delivering pinpoint targeting and accountability for online and mobile advertising. When clicked, card linked offers link product discounts directly to a consumer’s credit/debit card - no point of sale integration, no mail-in rebates or paper coupons, and the discounts appear directly on the consumer’s bank statement. Card linked offers are an evolutionary leap forward for Financial Institutions encouraging loyalty and increasing rewards point redemption. Clovr’s Gateway gives advertisers the direct link between digital ad spend and consumer purchases with 100% attribution. For the consumer, card linked offers are a frictionless way to take advantage of great savings while strengthening the connection with the brands they love. Clovr is the bridge between advertisers, brands, consumers and Financial Institutions – Welcome to Loyalty 2.0. To find out more about card linked offers and Clovr’s Gateway and new Ad Unit, visit www.clovrmedia.com.

About Bain Capital Ventures:

Bain Capital Ventures is the Boston-based venture capital affiliate of Bain Capital, which has approximately $65 billion of assets under management worldwide. Founded in 1984, Bain Capital and its affiliates have made more than 300 investments. The firm's history of investing in early stage companies also dates back to 1984, having made over 125 venture-stage investments since inception including such companies as Gartner Group, SunGard, Experian, Archer Technologies, SolarWinds, DoubleClick, Instinet, Staples, ProfitLogic, Regulatory Data Corporation, Shopping.com, Taleo, and LinkedIn. In 2001, Bain Capital Ventures was formed as a separate arm of Bain Capital to focus exclusively on growth investments.

Contacts

Racepoint Group, Inc.
Molly Galler, 781-487-4611
mgaller@racepointgroup.com

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Contacts

Racepoint Group, Inc.
Molly Galler, 781-487-4611
mgaller@racepointgroup.com