Waltham, MA (PRWEB) April 05, 2013
SavingStar - the only national fully-digital grocery savings service - announced today a $9.1 million Series D financing led by global corporate benefits provider, Edenred, with participation from American Express Ventures, DCM, Flybridge Capital Partners, First Round Capital, and other existing investors. SavingStar enables shoppers to save money on their groceries by linking deals to their grocery and drug store loyalty cards, without the need to clip or print paper coupons. Since its launch in April 2011, over 3 million people have joined SavingStar and more than 200 brands have offered grocery savings through the service.
NutriSavings: New Health and Wellness Venture with Edenred
SavingStar also announced the creation of a joint venture with Edenred, a world leader in corporate benefits, called NutriSavings – a new service designed to promote healthy eating among corporate employees and scheduled for launch this summer.
Employees who join the NutriSavings program set objectives to improve the nutritional quality of their shopping baskets as measured by a nutritional score that can be consulted online or via smartphone. In addition to incentives for meeting these objectives, program participants will receive eCoupon savings on nutritionally balanced products. NutriSavings will also help companies reduce their healthcare-related expenses.
Select grocery retailers will partner with NutriSavings and its independent experts to help employees monitor, analyze and improve their household nutrition consumption. Consumers will also receive access to educational videos and downloadable content on the benefits of healthy eating.
US Companies Investing in Employee Well-Being
More than 70% of healthcare expenses stem from obesity-related chronic illnesses . In the United States, where employers provide medical coverage, this represents an estimated cost of $850 per employee per month . A study of US businesses conducted in 2012 by the National Business Group on Health (NGBH) revealed an increase in spending on programs to promote balanced nutrition and regular physical exercise. Today, nearly 90% of American companies have set up incentive programs, spending $520 per employee per year on average, or twice as much as in 2009. In addition to helping improve employee health, NutriSavings can help companies manage their payroll costs through reduced absenteeism.
Strategic Alliance In Promising Market
The partnership between Edenred and SavingStar includes the NutriSavings joint venture, which is two-thirds owned by Edenred , and Edenred’s strategic financial interest in SavingStar .
“We are very excited to set up this alliance with Edenred, a world leader in employee benefits. Together we will leverage SavingStar’s unique digital platform,” declared David Rochon, CEO and co-founder of SavingStar.
“Our partnership with SavingStar, a fast-growing start-up and market leader, demonstrates just how much innovation is an integral part of Edenred’s growth strategy,” emphasized Gilles Coccoli, Edenred Executive Vice President Strategy & Development.
“The launch of NutriSavings gives us an opportunity to expand in the United States. We have created an innovative solution in the fast growing market for health and wellness solutions that encourages employees to consume a more balanced diet and contributes to efforts to reduce healthcare spending on chronic illnesses,” noted Gérard Bridi, Edenred USA Managing Director.
SavingStar is the first and only national, fully digital, grocery savings service, available for free at Savingstar.com and on iPhone® and Android® mobile apps. The company enables consumers to choose where they shop and how they save. Redeemable at over 25,000 stores, SavingStar's offers are linked to shoppers' grocery and drug store loyalty cards and provide a more convenient and eco-friendly way to save on groceries than paper coupons. SavingStar automatically adds the value of each offer redeemed into users' SavingStar accounts, enabling them to pick their payout from cash back to gift cards to charity donations. SavingStar also powers white-labeled grocery savings services, including Upromise, Fuel Rewards Network, and NutriSavings. SavingStar is backed by Edenred, American Express Ventures, DCM, Flybridge Capital Partners, First Round Capital, IA Ventures, and other investors. The company is based in Waltham, MA. For more information, visit http://www.savingstar.com.
Edenred, which invented the Ticket Restaurant® meal voucher and is the world leader in prepaid corporate services, designs and delivers solutions that make employees’ lives easier and improve the efficiency of organizations.
Edenred solutions ensure that funds allocated by companies are used as intended. These solutions help to manage:
· Employee benefits (Ticket Restaurant®, Ticket Alimentación, Ticket CESU, Childcare Vouchers, etc.)
· Expense management (Ticket Car, Ticket Clean Way, Repom, etc.)
· Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.).
The Group also supports public institutions in managing their social programs.
Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with nearly 6,000 employees, nearly 610,000 companies and public sector customers, 1.3 million affiliated merchants and 38 million beneficiaries. In 2012, total issue volume amounted to €16.7 billion, of which 61% was generated in emerging markets.
Ticket Restaurant® and all other tradenames of Edenred programs and services are registered trademarks of Edenred SA.