Ibotta, Inc., the leading U.S. retail shopping app that gives users cash back when they shop, received $40 million in Series C funding led by Jim Clark to help aggressively scale its mobile loyalty platform.
Ibotta is already one of the most frequently used mobile apps in the United States. Known for its unique brand engagement model, Ibotta’s new funding will allow the company to solidify its industry leading position as the bridge between mobile phone use and in-store shopping.
Ibotta’s Series C investment speaks to the company’s rapid growth with consumers, brands and retailers, who are turning to Ibotta as a more relevant and meaningful alternative to coupons. Ibotta currently has over 10 million downloads in the United States and enjoys partnerships with more than 150 leading retailers at over 500,000 locations across the country.
Every week, Ibotta features cash back rebates from hundreds of brands – from daily essentials found at grocery stores; to apparel options for men, women and children; a strong selection of beer, wine and spirits offers; and opportunities to earn in a variety of other categories as well. For advertisers, the company facilitates direct interaction with consumers, and its pay-for-performance model ensures that brands and retailers only pay for their mobile media and engagement when it results in a verified sale.
"I’ve witnessed first-hand how Ibotta is using mobile technology to change how consumers shop, and how it is driving in-store sales for their partners,” said Jim Clark, lead investor of the Series C round. “Ibotta is the bridge that ties media to brick-and-mortar sales, at the item level. It is exactly what the advertising industry has been clamoring for, and I’m excited to be a part of their growth moving forward.”
Ibotta’s latest round of funding will allow for it to continue growing its consumer base and triple its current team and footprint in Denver, as it looks to establish itself as a household name across the country. Ibotta will continue to build its relationships in the grocery and consumer packaged goods (CPG) industry and to expand retail partnerships.
“We are excited to close on this latest round of funding and appreciate the continued support from Jim Clark and our distinguished advisors on our board. The Series C will allow us to continue our rapid growth and focus on bringing more cash back rebates to our users via the world’s largest offline affiliate platform,” said Ibotta CEO Bryan Leach.