Mobile Retail Firm Shopkick Announces $15 Million In Series B Funding, Led By Greylock Partners
PALO ALTO, Calif., July 14 /PRNewswire/ -- shopkick ( www.shopkick.com), the Silicon Valley-based "mobile meets retail" startup, today announced that the company has raised $15 million in Series B financing led by Greylock Partners. Reid Hoffman, co-founder and executive chairman at LinkedIn, and investor in Facebook and Zynga, takes his first full board seat in any investment as a Greylock Partner. Kleiner Perkins Caufield & Byers (KPCB), Citi Growth Ventures & Innovation Group, and Silicon Valley angel investor SV Angel, led by Ron Conway, also participated in the round, which comes exactly one year after shopkick launched the company and closed its $5 million Series A funding from KPCB's iFund and Hoffman, who then invested as an individual.
"Location-based apps at the intersection of physical retail stores and smartphones are the next big opportunity in mobile. shopkick has created an extraordinary model for consumers, retailers and brands where everyone wins," said Reid Hoffman. "shopkick will catapult location technology forward, turning offline stores into interactive worlds, and offering retailers and brands the first marketing vehicle that is entirely performance- and location-based."
"To have Reid and Greylock on board for the long haul is the best birthday present we could dream of at shopkick," said shopkick Co-Founder and CEO Cyriac Roeding. "The new funding allows us to focus 100 percent of our resources on building an amazing product, expanding our partnerships with retailers and brands, and with all that, help to dramatically improve shopping for consumers in the physical retail world."
shopkick will use the funding to further enhance its location-based shopping capabilities and accelerate partnership development – just in time for the release of its prime mobile retail app, shopkick, due for release this summer.
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