It’s nice to be rewarded for what you do, especially when it’s for spending money or doing activities you would do anyway, such as playing games or streaming videos. And this is exactly what Swagbucks has built its business on.
Today, the company is announcing that it has raised $60 million as its first round of external funding. Technology Crossover Ventures (TCV) provided the full amount, and current Swagbucks executive chairman Chuck Davis, who is also a partner at TCV, will take over the CEO role at Swagbucks while founder and current CEO Josef Gorowitz moves to being president.
Swagbucks, under the umbrella of parent company Prodege, is in the digital customer rewards space. When users perform tasks within the company’s six categories, such as watch a video or play a game, they earn “swag bucks” which they can redeem for gift cards, coupons, or sweepstakes entries.
“We give rewards for just engaging in content or other non-transactional [activities]. Four of the six activities that we offer… are non-transactional,” said director of public relations Mark Lindsey in an interview with VentureBeat. This makes Swagbucks even more appealing to its users because they can earn rewards without having to purchase anything.
“We’re really looking to fine tune and get the company to be the best that it can be in the space. We’re going to invest in mobile and invest in international expansion,” Davis told VentureBeat.
Share This Article