Madrona Venture Group is heading north for its latest investment, leading a $1 million funding round in Vancouver, B.C.-based RewardLoop. This marks the second investment by Madrona in Vancouver in recent months, following its backing of online fashion startup Indochino.
The RewardLoop system could replace the paper-based stamp cards that you often see at coffee shops, pet stores, car washes and other retailers. Consumers who download the RewardLoop app collect “virtual stamps” on a “virtual stamp card” at participating retailers, and then can cash those in for rewards.
“RewardLoop has developed a simple, cost-effective way for local merchants to take advantage of enterprise-grade CRM and mobile loyalty solutions,” Madrona’s Scott Jacobson tells TechVibes. “The level of insight and detailed analytics the product delivers was previously available only to merchants willing to rip-and-replace existing POS systems or invest in expensive, one-off integrations.”
Here’s a demo of how the product works: