RewardLoop Raises $1 Million from Madrona

Last year Vancouver’s RewardLoop won the Most Promising Startup Award at the BCTIA Technology Impact Awards and made the Top 10 in the BCIC-New Ventures Competition.

Today they announced that they have raised $1 million in Series A funding to build out their transaction-based mobile loyalty offering for merchants. Seattle’s Madrona Venture Group led the round.

Unlike other mobile loyalty programs that leverage check-ins or other vague signals to measure customer loyalty, RewardLoop tracks dollars spent and items purchased. As a result, businesses are able to better understand their top customers and engage them with personalized, real-time customer loyalty relationships on their mobile device.

“RewardLoop has developed a simple, cost-effective way for local merchants to take advantage of enterprise-grade CRM and mobile loyalty solutions,” said Scott Jacobson, Managing Director at Madrona Venture Group. “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.”

In under 30 minutes and for less than $100, merchants can launch on the RewardLoop platform and begin to track and reward customer behavior. The company has built a future-proof offering with hardware that supports Near Field Communications (NFC) transactions, the standard powering the next generation of mobile payments.

RewardLoop was co-founded by Jeff LaPorte and Nigel Malkin in 2010 and was originally known as QR Loyalty.