Fivestars, a start-up that creates customer loyalty programs for small businesses, said on Thursday that it had raised $26 million as it sought to expand its presence in what the company said was a $60 billion market. The round was led by Menlo Ventures and included existing investors like Lightspeed Venture Partners, DCM and Rogers Communications. The new financing will bring Fivestars’ total fund-raising efforts to $45 million.
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