"Brands are missing out on the many consumers who prefer useful technology-driven solutions that fit their lifestyle and make coupon usage simple at home or in-store. SaveWave helps reach those consumers.” - David Rochon, CEO SaveWave.
Belmont, MA (PRWEB) August 19, 2010
SaveWave, a digital promotion, distribution, and rewards fulfillment company today launched as a stand-alone business, spun out of Sallie Mae’s Upromise Grocery operations. The company will take over the technology and operations that power Upromise’s all-digital grocery coupons and expand their use through a white-label program for consumer packages goods brands, retailers, membership programs, and media companies to deliver nationwide grocery rewards.
SaveWave will administer Upromise's grocery service, a program through which Upromise’s over 12 million members can earn college savings rewards by activating grocery offers online and redeeming them through their supermarket and drug store loyalty cards, saving them the hassle of clipping or printing coupons. With 22,000 stores nationwide, SaveWave’s platform will work with the largest network of retailers enabling digital coupons in the US.
“The digital marketing space is exploding as more consumers use digital media for their daily communications and transactions,” said David Rochon, CEO of SaveWave. “We believe there is a huge market opportunity to provide retailers and consumer packaged goods companies with a national, fully digital system to better promote their products. Brands are missing out on the many consumers who prefer useful technology-driven solutions that fit their lifestyle and make grocery coupon usage simple at home or in-store. SaveWave helps reach those consumers.”
SaveWave plans to launch its white label platform for select partners in the coming months. It will also feature mobile applications for consumers to activate coupons from their smart phones, increasing the flexibility of the system and reaching consumers at the grocery store looking for deals.
As part of today's launch, SaveWave also announced it has secured a $2.3 million Series A round of financing led by Flybridge Capital Partners and First Round Capital with participation from Founder Collective, IA Capital and several leading angel investors, including Ron Conway and Upromise founder, former Chairman and CEO Michael Bronner. As part of the funding, Jeff Bussgang, a general partner at Flybridge Capital Partners and co-founder and former President of Upromise, First Round Capital’s Josh Kopelman, and Upromise President, David Coppins, will join the Company’s Board of Directors. The founding executive team of the company includes CEO David Rochon, who formerly served as President of Upromise; President Michael Libenson, former Senior Vice President at Upromise; and Senior Vice President of Business Development, Brendaen Makechnie, former Vice President of Upromise Grocery.
“As a co-founder of Upromise, I have had the opportunity to work alongside the SaveWave founding team for over 10 years,” said Flybridge’s Jeff Bussgang. “I am thrilled to have the opportunity to invest in a team with the experience, talent and market knowledge necessary to build the next leading company in the digital marketing and promotions space.”
SaveWave was founded in June 2010 and will manage Upromise, Inc.'s grocery operations, which the company's veteran team originally launched in 2001. SaveWave is building a platform to enable consumer packaged goods brands and retailers to promote their products and services to all consumers through a fully digital promotion, distribution, and rewards fulfillment system. In addition to providing Upromise Grocery, a program through which over 12 million members can earn college savings rewards by purchasing participating products in over 22,000 supermarkets and drug stores nationwide, SaveWave will expand distribution reach through customized offer syndication with retailers, affinity rewards programs, and media channels. The company is based in Belmont, MA. For more information, visit savewave.com.
About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on investing in consumer, energy, healthcare and information technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. For more information, visit flybridge.com.
About First Round Capital
First Round Capital is one of the nation's most active seed-stage funds with offices in San Francisco, New York and Philadelphia. As an early investor, First Round often provides a company's first outside capital -- and typically invests alongside angel investors in pre-revenue companies. The partnership uniquely understands the challenges of launching a new product and takes an active role in its portfolio companies. First Round operates as an entrepreneurial shop and makes quick decisions: no investment committees, no months of negotiations. For more information, visit firstround.com.
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