Mall Networks, a Lexington, Mass.-based provider of merchant-funded loyalty shopping solutions, has raised $7 million in Series B funding. Dace Ventures led the round, and was joined by return backers Flybridge Capital Partners, Venture Capital Fund of New England and LBO Enterprises.
Mall Networks www.mallnetworks.com , the leading provider of merchant-funded loyalty shopping solutions, today announced that it has secured $7 million in Series B venture capital financing. Led by new investor Dace Ventures <http://www.daceventures.com/> , the Series B round also includes existing investors Flybridge Capital Partners <http://www.flybridge.com/> , Venture Capital Fund of New England (VCFNE), <http://www.vcfne.com/> and LBO Enterprises. Mall Networks will use the financing to accelerate product development, and expand sales, marketing and services capabilities. In conjunction with this latest round of financing, Mall Networks has also named Jon Chait, a partner at Dace Ventures, to its Board of Directors.
“Mall Networks has experienced incredible growth in the past year, tripling revenue and doubling its client base,” said Dave Andre, president and CEO of Mall Networks. “Our success reflects the incredible demand for our innovative merchant-funded loyalty shopping solutions. This round of financing will enable us to extend our product leadership, expand our market presence and drive client success. Jon Chait and the Dace Ventures team bring tremendous expertise in B2C e-commerce and marketing services. We're excited to be working with Dace and welcome Jon to our terrific Board of Directors.”
Mall Networks provides innovative multi-channel loyalty shopping solutions <http://www.mallnetworks.com/shopping-solutions/online-mall.html> that increase revenue, strengthen customer loyalty, and improve member engagement for a range of industries such as financial services, airline and hospitality, and loyalty programs. Organizations like JPMorgan Chase, Verizon and Best Buy extend and enhance their loyalty programs by offering merchant-funded bonus rewards to their customers whenever they shop online and in-store across more than 700 leading merchants.
“Mall Networks is exactly the type of company Dace looks to invest in,” said Jon Chait, partner at Dace Ventures. “They have a large market opportunity, strong team, differentiated products and services, and excellent client traction with consumer engagement. Mall Networks is well positioned to lead the way companies look at and create innovative programs that loyal customers get excited about. We look forward to being a part of their next wave of growth.”
About Mall Networks
Mall Networks is the leading provider of merchant-funded loyalty shopping solutions that increase revenue, strengthen customer loyalty, and improve member engagement for a range of industries including financial services, card issuers, airline and hospitality, affinity organizations and loyalty programs. Featuring an integrated network of more than 700 world-class online and bricks-and-mortar merchants, Mall Networks' multi-channel shopping solutions and flexible, on-demand platform power personalized online and in-store shopping programs for more than 30 million consumers. Industry leaders including JPMorgan Chase, Upromise, Verizon, Shop.org, Spirit Airlines, Virgin, and NASCAR rely on Mall Networks to build loyal, profitable customer relationships. Mall Networks is headquartered in
About Dace Ventures
Based in Waltham, Mass. Dace Ventures is an early-stage venture capital firm with over $70 million in funds under management. Dace is actively investing in entrepreneurs building the Next Wave of internet-related innovations in digital media, consumer marketing and mobile services. First and foremost, the fund invests in entrepreneurs who are building great teams. Dace looks for companies with compelling innovation, first mover advantage in high-potential markets and an opportunity for the partnership to provide value at key inflection points of growth. Current investments include Mall Networks, auctionPAL, CityVoter, EveryScape, Howcast, LocaModa, Panraven, Rapleaf and Vitrue. For more information, go to www.daceventures.com.
About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. For more information, visit www.flybridge.com <http://www.flybridge.com> .
About LBO Enterprises
LBO Enterprises is an investment partnership managed by Les Otten. Otten is former vice chairman of the Boston Red Sox; and founder and former CEO at American Skiing Company, the parent company of several alpine ski, snowboard and golf resorts. Otten is widely considered a marketing visionary who introduced loyalty marketing to the ski industry nearly twenty years ago. Otten is now forming Maine Energy Systems that will vertically integrate refined wood pellets, their delivery, and the sale and installation of fully automated residential boiler systems.
The Venture Capital Fund of New England was organized in 1982 to provide equity capital and management assistance to emerging growth oriented companies in the areas of industrial and information technology and direct marketing programs. VCFNE IV, its current investment fund, focuses on New England-based companies and has committed capital of $75 million thus far to 25 different venture-backed companies, many of which focus on affinity and loyalty marketing and marketing information services. For more information, visit www.vcfne.com <http://www.vcfne.com> .