Some of the biggest names in venture capital are putting their faith in Lockerz, a Seattle upstart that came on the scene in a big way in 2011.
The company, which is building a social networking service where teenagers and twenty somethings earn points for sharing content or watching videos, landed a massive $36 million venture capital round from venerable Silicon Valley firm Kleiner Perkins Caufield & Byers, former Microsoft CFO Greg Maffei, DAG Ventures and Live Nation. It also bought three companies in 2011, purchasing online video startup Vodpod, social sharing service AddToAny and Twitter photo service Plixi.
Obviously, it’s been a busy year for CEO Kathy Savitt, a former Amazon.com and PR executive who moved Lockerz to Seattle from Pittsburgh two years ago. Trying to build a destination for the mercurial tastes of teenagers and twenty somethings — a group Lockerz classifies as “Generation Z” — is no easy task.
But Lockerz believes it has the secret sauce, offering rewards for the activities that youngsters perform online.
“We want to be that first place they go to actually be rewarded for their engagement for the stuff they love to do,” Savitt told GeekWire earlier this year.
Lockerz is doing a good job of creating that engagement. Earlier this year, the company said that it was attracting about 45 million unique visitors each month, with those visitors spending on average seven minutes on the site per session.