Digital Coupon Service SavingStar Raises $7 Million
SavingStar is a digital coupon service that has raised $7 million in venture capital funding. SavingStar distributes coupons on every day groceries such as fabric softener, juice, and milk. Users are asked to select a monthly distribution of items from a free smartphone application. They can end up saving an average of $1 per item when using their grocery store or drug store loyalty cards. The savings also can be applied to bank accounts, PayPal, Amazon.com gift cards, or the tree preservation charity American Forests.
SavingStar started in May 2010 and has deals with over 100 grocery and drug stores with a combination of 20,000 locations across the nation. SavingStar also has deals with about 40 packaged goods companies. SavingStar was originally called SaveWave and spun off of Upromise. The company was co-founded by David Rochon and Michael Libenson.
[WSJ]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry