Ibotta
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| Company type | Private |
|---|---|
| Industry | Technology, coupons, mobile applications |
| Founded | 2012 |
| Founder | Bryan Leach |
| Headquarters | |
Area served | United States |
Key people | Bryan Leach (CEO), Luke Swanson, Kane McCord, Karsten Voermann, Tim Hannan, James H. Clark |
| Services | Direct-to-consumer marketing |
Number of employees | 650+ (2019) |
| Website | www |
Ibotta is an American mobile technology company based in Denver, Colorado that provides cashback rebates to users for shopping at stores or purchasing products from companies that pay Ibotta a fee.[1]
History
Ibotta was founded by current CEO Bryan Leach in 2012.[2][3] Jim Clark is an investor and board member.[4]
As of 2016, Ibotta had received over $73 million in funding.[5][6] In August 2019, the company announced that it had raised its valuation to $1 billion, following a round of Series D funding. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries. The amount of money raised was not disclosed, but followed three rounds of funding that totaled $85 million.[7][8]
By 2019, it was reported that the Ibotta app had been downloaded more than 30 million times and had given users $500 million in rewards money.[9]
The company partners with brands and retailers to offer rebates and discounts on consumer packaged goods, retail purchases, and restaurant dining through a mobile app, similar to traditional coupons or rebates.[10][11][12][13] Ibotta also has cash back and rebates on alcohol (wine, beer, and spirits) that can be purchased at bars, restaurants, and liquor and grocery stores.[14][15] Ibotta users must be of legal drinking age, even if the consumer has no intention of purchasing beer or wine, or if they patronize a business that does not sell such items.
The app is available on both iOS and Android devices and is available only in the United States as of October 2016.[16][17][18][11] Ibotta claims to work at over 500,000 locations within the United States.[19] In 2019, the company introduced Pay with Ibotta, a way to pay for purchases using gift cards while receiving cash back rewards.[20]
In November 2020, Ibotta became the official jersey patch partner of the New Orleans Pelicans.[21]
Notable dates
- Company incorporated October 31, 2011.[22]
- App launched to both the App Store and Google Play stores in 2012.[23]
- Dynamic Segmentation was launched in partnership with LiveRamp in May 2016.[24][25]
- In July 2016 Ibotta app announced it had paid users over $100 million through its rebates.[26]
References
- ^ Cohen, Patricia (March 31, 2016). "The Cities on the Sunny Side of the American Economy". The New York Times. ISSN 0362-4331. Retrieved August 10, 2016.
- ^ "About us". Ibotta.
- ^ "Ibotta expands (again!) by doubling office space in downtown Denver". The Denver Post. June 28, 2017. Retrieved May 22, 2018.
- ^ Chowdhry, Amit. "How Ibotta Is Helping Every Day Consumers Save Time And Money". Forbes. Retrieved January 17, 2020.
- ^ Perez, Sarah. "Mobile Savings App Ibotta Scores $40 Million".
- ^ "Venture funding down in Colorado but firms still finding money – The Denver Post". January 14, 2016. Retrieved August 11, 2016.
- ^ Flanagan, Will (August 6, 2019). "Ibotta Raises Series D at $1B Valuation, Becomes Colorado's Latest Unicorn". Colorado Inno. Retrieved August 15, 2019.
- ^ "Cashback and rebate startup Ibotta secures funding at a $1 billion valuation". VentureBeat. August 6, 2019. Retrieved August 15, 2019.
- ^ "Denver-Based Ibotta Reaches Milestone". www.cobizmag.com. January 31, 2019. Retrieved June 21, 2019.
- ^ Natanson, Elad. "How Major Brands Combine App Innovation With Old-Fashioned Marketing Principles To Win In Mobile". Retrieved August 10, 2016.
- ^ a b "Penny-Pinching Millennials Are Keeping the Coupon Alive". Bloomberg.com. Retrieved August 10, 2016.
- ^ LearnVest. "8 Apps To Save You Money On Supplies, Clothes, Food And More Back-To-School Shopping Gear". Retrieved August 11, 2016.
- ^ "In a World of Constantly Deleted Apps, This Mobile Player Uses Cash to Keep Folks Coming Back". Retrieved August 11, 2016.
- ^ "Free Beer! There's an App for That". Fortune. March 2, 2016. Retrieved August 10, 2016.
- ^ Pavini, Jeanette. "How to save on holiday spirits, wine and beer". Retrieved August 11, 2016.
- ^ Evans, Katie. "Mobile shopping app Ibotta raises $40 million". Retrieved August 10, 2016.
- ^ "Ibotta plans to hire 200-300, triple Denver office space – The Denver Post". September 28, 2015. Retrieved August 8, 2016.
- ^ Perez, Sarah. "Mobile Savings App Ibotta Scores $40 Million". TechCrunch. Retrieved August 10, 2016.
- ^ "Ibotta Gets $40 Million in Funding – AppInformers.com". October 1, 2015. Retrieved August 11, 2016.
- ^ "Pay with Ibotta - Instant Cash Back on Your Purchases". Pay with Ibotta. Retrieved September 20, 2019.
- ^ "New Orleans Pelicans and Ibotta announce new partnership". New Orleans Pelicans. Retrieved December 22, 2020.
- ^ "Ibotta's founder decided not to keep his day job - Denver Business Journal". Archived from the original on August 30, 2014.
- ^ Perez, Sarah. "Ibotta Offers A New Take On Mobile Couponing By Offering Cash Back For Engaging With Brands, Then Buying Their Products". TechCrunch. Retrieved July 21, 2016.
- ^ Ibotta. "Ibotta Launches Dynamic Segmentation, Partners with LiveRamp to Drive Incremental Sales for Retailers". www.prnewswire.com.
- ^ "Ibotta Launches Dynamic Segmentation, Partners With LiveRamp". www.mediapost.com. Retrieved August 8, 2016.
- ^ "What Day Should You Actually Be Buying Wine?". Refinery29. Retrieved August 8, 2016.