Virtual Goods Company Ifeelgoods Jumps Out Of Stealth Mode With $1.1 Million In Funding
Ifeelgoods is a new start-up that aims to help traditional retailers get into the social gaming and virtual goods market. Ifeelgoods was created by Michael Amar and Scott Silverman. Ifeelgoods essentially makes retail promotions less expensive and more effective by distributing virtual goods and currencies for popular social games. These virtual goods can essentially replace coupon codes, gifts with purchase, and discounts.
“In retail, incentives and promotions are critical sales tools – especially in the current economic environment – but, they are one-size-fits-all and can be very expensive,” stated Ifeelgoods CEO and co-founder Michael Amar in a press release. “As social networks and social games become even more integral in people’s daily interactions and personal relationships, it’s evident that retailers who learn how to capitalize on these trends will have a powerful advantage over their competition.”
Ifeelgoods has an impressive business model and has been able to attract $1.1 million in funding from prominent investors such as Tugboat Ventures, Quest Venture Partners, and Kima Ventures. Angel investors Iggy Fanlo (Adbrite CEO), Vincent Worms, Nicolas El Blaze (Partech International), and David Scacco (MyLikes) also participated in the funding.
Retailers can manage their own virtual good promotions and redemptions through Ifeelgoods’ hosted solutions. Ifeelgoods has partnered with social game publishers to make virtual goods and currencies available to retails as an incentive for customers.
Below is a list of other executives at Ifeelgoods:
Dimitri Ducourtieux – COO/VP of Europe
Suchit Dash – VP of Product/former PayPal Senior Manager
Vida Ha – Lead Engineer/former senior engineer at Google