Culver City, CA-based Lootsie, a startup loyalty and rewards platform for mobile apps, has snagged $3.5 million in seed funding. Since launching in 2012, the company has partnered with major retailers, brands and developers including SOL REPUBLIC, Manduka, Sevenlogics and All Shook Apps.
The funding was comprised of investors that include: Tim Kendall, Head of Product Management at Pinterest and former Director of Monetization for Facebook; Michael Liou, Founding Partner, Anvil Capital; Anthony Saleh, angel investor; and Brad Schwartz, Founding Partner at SLP Ventures.
Lootsie works similarly to the popular loyalty programs that airlines, credit cards and hotels offer, but built to plug into any mobile app. Consumers earn points for hitting achievements within their apps and then can redeem those points for real-world rewards from any of Lootsie’s brand partners.
Lootsie is applying the funding to scale the platform and continue to help bridge the gap between brands and mobile users, while providing a solution for developers that addresses the challenges of user retention and monetization head-on. A first of its kind, Lootsie’s loyalty plug-in provides: developers with an end-to-end loyalty program to power their points and rewards; brands with the ultimate engagement tool to build loyal fans; and the end user with exciting new ways to be rewarded by brands they love just for using their apps.
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