Mobestream Media, the developer of technology that allows consumers to access store loyalty cards on their smart phones, has closed on $1.75 million in Series A financing from Austin Ventures. The Dallas-based company will use the money to expand its team, hiring 10 new employees. Texas-based Austin Ventures has $3.9 billion under management.
Mobestream Media, parent company and developer of smart phone shopping app Key Ring™, announces the successful closing of Series A funding from Texas-based, Austin Ventures.
Key Ring™ Reward Cards is a free smart phone application allowing users to store existing loyalty cards into their phone, join new programs and instantly receive offers and coupons. Key Ring’s sophisticated business platform enables the creation of new loyalty programs for any size business and can extend the capabilities of an existing program through mobile enrollment and real-time offer distribution. User rankings and total downloads place Key Ring™ as the most popular mobile loyalty app in both the Android Marketplace and the iPhone App Store. Additionally, Key Ring™ is in the final testing phase for imminent launch on both the Windows Phone 7 and Blackberry operating systems.
Key Ring™ has demonstrated phenomenal growth logging nearly two million unique user downloads. Relationships with top retailers and corporate business partners continue to drive the application’s success. Through the Key Ring™ mobile application, merchants can now send coupons directly to consumer loyalty cards stored on the application. Within the past six weeks, users received access to more than seven million coupons and customized offers with an average weekly savings totaling more than $150 per user.
“Business marketing elements and our unprecedented product has helped us win customers,” stated Founder and President of Mobestream, Chris Fagan. “We are thrilled to partner with Austin Ventures as it gives us credibility with large retailers and brands, the financial resources to attract a top notch team, and the ability to step on the gas from a feature and functionality perspective,” adds Fagan.
“Austin Ventures spent a lot of time evaluating companies in the evolving mobile loyalty space and became very interested in Key Ring™ due to its large fanatical user base and the team’s ability to out maneuver the competition with very little capital,” said John Thornton, General Partner, Austin Ventures.
Funding will support the hiring of 10 new employees, including Bobby Billman as Chief Marketing Officer at Mobestream. Prior to joining Mobestream, Billman was Vice President of Marketing at Samsung Mobile where he developed strategies that drove Samsung Mobile to reach market leadership. Billman will be instrumental to Key Ring’s future brand and business growth.
About Mobestream Media
Mobestream Media is a maker of the Key Ring™ Reward Cards’ mobile application, specializing in making loyalty programs convenient for consumers. For retailers, Key Ring™ offers real-time connections allowing brands to deploy cost-effective, targeted loyalty programs and offers instantly. Visit www.keyringapp.com for more information.
About Austin Ventures
Austin Ventures (“AV”) has worked with talented entrepreneurs to build valuable companies for over twenty-five years. With $3.9 billion under management, AV is the most active venture capital and growth equity firm in Texas and one of the most established in the nation. With an investment focus on business services and supply chain, financial services, new media, Internet and information services, software, and Texas special situations, AV invests at all stages of company development, from $100,000 in “planned experiments” in early stage ideas to $100+ million investments in expansion rounds, minority recapitalizations, and buyouts of lower middle market growth companies. AV’s strategy is to partner with talented executives and entrepreneurs through its CEO-in-Residence and Entrepreneur-in-Residence programs. Visit Austin Ventures for more information. Visit www.AustinVentures.com.