Swagbucks raises $60 million in funding

Posted May 13, 2014

Swagbucks is a website that rewards people for online activities like watching videos or taking surveys. Swagbucks has raised $60 million in funding from Technology Crossover Ventures.

Swagbucks announced that former Fandango CEO Chuck Davis will be joining the company as CEO. Swagbucks hit a profit in 2013 on $53 million in revenue.

Swagbucks offers virtual currently to people in return for the tasks. Davis said that the new round of funding will be used for expanding its offerings and increasing awareness about the company.

“It’s exciting when consumers can engage with entertainment, news and shopping and be rewarded for it,” stated Davis. “Heretofore, consumers were doing these things and enjoying it, and the sites would keep the ad dollars. The rewards are a nice little icing on the cake that helps families stretch their budgets.”

Swagbucks has around 10 million registered users and has paid out over $60 million in rewards since launching in 2008. Swagbucks offers gift cards from online stores like Amazon.com, Target.com, and Starbucks.com.