Bobber Interactive, a Seattle startup that uses motivational psychology and game-based mechanics to help young adults manage their money, has raised $1.4 million from PEAK 6 Investments and Dove Capital Partners.
A filing with the SEC earlier this year indicated that the company had raised $1.1 million of a $2 million round, and we’re following up with the company to see if this is new cash. (UPDATE: Bobber’s Scott Dodson tells GeekWire that the funding is an extension of what was previously reported, with another $325,000 coming in from existing and new investors to close out the round at $1.4 million).
In a press release, the company said that the money will be used to market the company’s first product, a Facebook app tied to a payment card called “Goal Card.”
Here’s how that offering works:
With GoalCard, users can set short and medium-term savings goals – saving for an iPad, a pair of designer boots, or a new TV, for example – and manage their day-to-day spending in order to reach them. FDIC-insured through Bobber’s partner financial institution, users can connect multiple income sources to their Bobber account and manage balances and transactions through Facebook. Through their activity in the app, users earn up to 5% cash back when they reach their goal.
Bobber Interactive is led by Eric Eastman, a former executive at Levi Strauss and Mercer Management Consulting, and Scott Dodson, who previously led Tenacious Games. It employs five people.
Hat tip to Tricia Duryee at All Things D, who notes that Bobber Interactive makes money through referrals to e-commerce sites.
Previously on GeekWire: Bobber Interactive brings gamification to personal finance for the Facebook set