Ibotta raises $20 million in funding

Posted Jun 17, 2014

Ibotta is a company that helps consumers save money on grocery purchases, household goods, electronics, clothes, and other goods. Ibotta has raised $20 million in Series B funding.

The lead investor in this round is Jim Clark, the eccentric founder of Silicon Graphics, Netscape, and Healtheon/WedMD. Clark will be joining the board of directors at Ibotta. Tom Jermoluk also participated in this round.

Ibotta started out as a mobile coupon app that helps people save at the grocery store. The app now lets you engage with brands by answering a trivia question rather than letting you clip coupons digitally. For each action, you can earn around a $0.25-$0.50 discount. After claiming the offers, you can scan the barcode on your items and take a photo of your receipt to submit your claim.

Ibotta launched in 2012 and has expanded beyond grocery to consumer packaged goods and online retailers like Best Buy, GNC, Lowe?s, and Home Depot.

Ibotta has grown to 3 million users, which is up from 1.9 million last November. Ibotta plans to use the funding to scale its business and engineering teams and grow its user base.

[Source: TC]