Swagbucks, a rewards site, announced today that it has raised $60 million, its first round of funding, from Technology Crossover Ventures (TCV).
It also appointed Swagbucks and Prodege executive chairman Chuck Davis as its CEO. Founding CEO Josef Gorowitz will become president. He is also currently a venture partner at Technology Crossover Ventures and executive chairman of The Teaching Company. Davis was previously chairman and CEO of Fandango, where he oversaw the online movie ticket site’s mobile launch.
Swagbucks lets members earn gift cards, loyalty points, and other rewards by using the site to search and shop for products, answer surveys, or play online games. The startup says since it was founded in 2008, it has distributed over $60 million in gift cards, from e-commerce firms like Amazon, Wal-Mart, Target, Starbucks, and Paypal, to its users.
The company says it has been profitable since 2010 and its 2013 revenue was $53 million, a 51% increase from 2012.