“Fivestars, a five year-old startup that has built a platform and app to run loyalty programs and shopping analytics for small brick-and-mortar retailers, has received a reward of its own: the company has raised a round of $50 million, funding that it plans to use to continue its focus on “mom and pop shops” and building its brand and business across the U.S., CEO and co-founder Victor Ho told me.
To date, some 10,000 merchants across the U.S. and Canada are using Fivestars’ loyalty services to track customer visits and give them incentives to come back for more in the form of discounts, coupons and other perks; 10 million consumers have used its apps; and Fivestars has logged more than 35 million visits to stores in the last year based on its messages and reward offers.
The Series C round was led by HarbourVest Partners. Previous investors Lightspeed Venture Partners, Menlo Ventures, and DCM Ventures also participated. This latest funding brings the total raised by Fivestars — which launched out of Y Combinator back in 2011 — to around $105 million.”
Read the entire article by Ingrid Lunden on TechCrunch here: Fivestars Gets $50M To Help Small Retailers Run Loyalty Programs Like Their Bigger Rivals