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InStorecard Raises Additional $4,000,000 Financing Round
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March 22, 2005
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SAN FRANCISCO, CA - Co-led by Canaan Partners, Outlook Ventures and Mobius Venture Capital; private investors George Garrick, former CEO of Information Resources Inc. (IRI) and current CEO of wine.com, along with one of Google's initial investors, Ron Conway, also participated in the financing.
This second round of funding will be used by InStorecard to expand its multi-channel retail loyalty software service.
"It's a wonderful validation when you don't have to go recruit new institutional funding for a follow-up round -- and also get a nice increase in valuation," says CEO Mark H. Goldstein. "I am proud that the initial investor group stepped up and put in all the capital we will need to get to cash flow breakeven. We've had a good first year of business, having signed over a dozen national retailers. Our goal is to be the #1 provider of on-demand retail loyalty services in America by the end of 2005."
InStorecard is also announcing that Deepak Kamra, Partner with Canaan Partners, has been added to the Board of Directors, alongside Heidi Roizen of Mobius Venture Capital and Randy Haykin of Outlook Ventures.
"The InStorecard solution is just what retailers need right now," says Heidi Roizen, Managing Director of Mobius Venture Capital. "Customer acquisition costs have skyrocketed -- prospects are getting harder to target. Meanwhile, the web has provided a new contact mechanism, and consumers expect that their web experiences will transcend to catalog, in-store, and any other point of contact with the retailer. InStorecard provides merchants with the tools to create a seamless 'web to store' experience for their customers, allowing them to better manage their customer communications and create compelling, individualized offers for their best customers."
About InstoreCard Inc.
InStorecard, based in San Francisco, is the leader in on-demand retail loyalty solutions. InStorecard's flagship product, InStorecard Multi-Channel Rewards, allows retailers to create and manage loyalty and relationship marketing programs without any commitment to software, hardware, or physical card deployment. Over a dozen national retailers already know how InStorecard is changing the economics of retail loyalty.
About Mobius Venture Capital
With offices in Palo Alto, California and Superior, Colorado, Mobius Venture Capital is a $2.25 billion U.S.-based private equity venture capital firm managed by an unparalleled team of former CEOs and entrepreneurs, technology pioneers, senior executives from major technology corporations, and leaders from the investment banking community. Mobius Venture Capital specializes primarily in early-stage investments in the areas of: communications systems software and services; infrastructure software and services; professional services; enterprise applications; healthcare informatics; consumer and small business applications; components; and emerging technologies. Mobius Venture Capital combines its technology expertise and broad financial assets with the industry's best entrepreneurs to create a powerhouse portfolio of the world's leading high technology companies. For additional information visit www.mobiusvc.com.
About Outlook Ventures
Headquartered in San Francisco, Outlook Ventures actively invests in promising seed and early stage next-generation software companies in the Western United States. The firm is passionate about working with high-potential entrepreneurs toward a shared vision. Outlook Ventures applies its depth of experience and resources, unique among seed and early stage firms, to building each individual portfolio company. As a result, Outlook has delivered returns in the top quartile of all venture funds and, more importantly, has helped those entrepreneurs to achieve profound impact on their industry sectors. www.outlookventures.com
About Canaan Partners
Canaan Partners has amassed a seasoned team of investment professionals with extensive technology, infrastructure, communications and life sciences experience. The diverse backgrounds and skill sets of team members enable Canaan to provide portfolio companies with an unusually broad range of managerial and operational guidance. Canaan's investment professionals have significant investment, operations and management experience with small and mid-sized companies. The backgrounds of the professionals include operating experience in engineering, manufacturing, finance, strategic planning, investment banking and legal affairs. Canaan currently manages roughly $2 billion in investment capital from its offices in Menlo Park, CA and Rowayton, CT. www.canaan.com