Sometimes, advertisers are like ungrateful significant others. They’re aggressive and disruptive, consistently butting in and imploring you to buy something when all you want to do is zone out and watch TV.
When it comes to the advertiser-consumer relationship, Joseph Gorowitz is here to play couples counselor. He’s the co-founder and president of Swagbucks, an online rewards program that allows users to earn virtual currency and real-life rewards for everyday online activity. “We allow advertisers to buy flowers for consumers,” he says. “And that makes the consumer feel appreciated. It makes the relationship a lot better.”
Today, the company announced that Swagbucks’ executive chairman, Chuck Davis (the former Fandango and Shopzilla CEO, who oversaw each company’s sale in 2007 and 2005, respectively) will become its new CEO, while Gorowitz will assume the role of president. In addition, the company said it has raised $60 million from Technology Crossover Ventures.
Founded in 2008, this is the first time Swagbucks has taken on outside investment (“we’ve been bootstrapping,” says Gorowitz). So why now?
In sum, both Davis and Gorowitz say, the infusion of cash will increase the company’s credibility while allowing it to scale at a faster rate.