A South Bay tech company has raised $60 million in its first round of external funding from Technology Crossover Ventures, a late-stage venture capital firm that has backed such heavy hitters as Facebook, Netflix and Spotify.
Swagbucks.com, whose parent company Prodege LLC is headquartered in El Segundo, offers gift cards to Wal-Mart, Nordstrom, Amazon.com and about 300 other e-commerce companies in exchange for interacting on its site. Users earn points — or “swag bucks” — when they shop, search the Web, play games or take quizzes. The company then uses the data collected to run targeted ads and drive traffic to its affiliates.
“Rewards are not just an aside, they become an emotional part of the experience,” Swagbucks President Josef Gorowitz said by phone Monday. “The consumer is constantly collecting points and having fun doing so as well.”
Swagbucks, which bills itself as the “leading rewards discovery community” and top provider of free gift cards, announced its new funding today in a press release.
The company also announced that Prodege