El Segundo’s Swagbucks, an online consumer rewards service, has raised $60 million from Technology Crossover Ventures, a venture capital firm in Palo Alto.
This is the first outside funding round for the 6-year-old company. A Swagbucks spokesman said Technology Crossover Ventures will receive a “significant minority” stake in the company along with the funding, which he characterized as a “primary growth-stage investment.”
Swagbucks offers consumers online rewards for activities including shopping, entertainment, surveys, discounts, games and Internet searches.
The company said in a statement that it has distributed over $60 million in free gift cards to consumers from stores including Amazon, Wal-Mart, Target, Starbucks and PayPal.