Lockerz Raises $45 Million In A Third Round Of Funding
Lockerz is an e-commerce company that is building a rewards-based program intended for teenagers. The company is close to raising $45 million in a third round of funding. Lockerz CEO Kathy Savitt confirmed $36 million is done being raised with another $9 million expected in the next 60 days.
The lead investor in this round is DAG Ventures. Previous investors in this round include Liberty Media, Liberty CEO Greg Maffei, and Kleiner Perkins Caufield & Byers. Live Nation Entertainment participated in this round.
Live Nation has already sold concert tickets to Britney Spears and Rihanna through a partnership with Lockerz. Lockerz users can use the points they earn to get discounts on additional tickets. Savitt started Lockerz in 2009 and she said that they are seeing about 46 million unique users per month that spend an average of 17 minutes on the website. Most of their users are between the ages of 13 and 35.
“The whole notion of points is to be a social loyalty currency that would reward engagement in a meaningful way. The first phase offered a limited number of prizes, and then discounts on merchandise, and now we are taking that next step to make it a true global currency, by making them redeemable all over — on Lockerz and off of Lockerz,” stated Savitt. “We have a lot coming in the next 60 to 90 days.”
Points can also be earned by uploading photos, answering polls, watching videos, listening to music, inviting friends, logging in, etc. This round of funding will go towards future acquisitions. Lockerz recently acquired photo sharing website Plixi and content sharing website AddToAny.@amitchowdhry or on Google+ at +AmitChowdhry