GreenStack Is A Location-Based Savings App That Finds Discounts On The Spot
GreenStack is a location-based savings mobile application company for the iPhone that helps unlock the next generation of discount redemption known as deal stacking. Initially GreenStack is going to focus on the San Francisco area, but they will expand nationally soon. GreenStack’s technology is patent-pending. So how does the app work?
The average consumer usually forgets the memberships that they have like credit card benefits, Costco, AAA, museums, alumni associations, etc. GreenStack informs you about a variety of coupons, sales, and loyalty benefits that can be combined and redeemed on the spot. This feature is called the “Staculator.”
According to the 2011 COLLOQUY Loyalty Census, the number of cards that people have in their wallets is on the rise. The average household has signed up for 18.4 programs. After downloading the app, you will
After downloading the free app, you will be asked to fill out a short box-checking session to let the app know about what active memberships you have. GreekStack finds lost savings opportunities for you after that. This is important for consumers because they are constantly looking for deals and bargains.
“We’re here to bridge the gap that exists between the consumer and the best possible price,” stated GreenStack co-founder and CEO David Hehman. “It’s our mission to remove the time-sink and complexity that comes between people and the best deals. We hope that our laser focus on combining, or stacking, offers, provides consumers with renewed peace of mind that they’re getting the best possible price.”
GreenStack launched in early 2012. They develop mobile apps for making saving money fun and easier. The company’s initial product launched at TechCrunch Disrupt SF 2010. The product is known as greenstack, which is the free iPhone app. GreenStack is led by Hehman and the company raised $600,000 in seed funding. In the past, Hehman led five companies to exit.
I spoke to Mr. Hehman about his background and the company. Hehman told me that he “loved the quest for a deal” and his dad “was the type of guy that would drive to the next town to get a cheaper deal for gas.” Initially the company had the idea to create a mobile membership card app. That idea lasted around 90 days and then they pivoted to a consumer app in January. The app launched in September.
I asked Mr. Hehman what companies he exited before starting GreenStack. He told me that he sold GetawayZone to VacationSpot/Expedia, MarketHome to ClickAction, HealthDesk to a private equity group, EscapeHomes to TotalMove/HomeAway, and PageWise.com to Demand Media.
Mr. Hehman has been angel investing for the last 15 years before he worked at GreenStack. Now all of his new investments are passive and he is not taking any new board seats.
I asked him how does GreenStack distinguish themselves from companies like MOGL and Mint.com? He told me that GreenStack helps you identify deals through discovery and does not have deals directly with the restaurants.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry