“This successful capital raising effort provides us with the necessary working capital to continue the implementation and execution of our business plan – which includes continued expansion on a national basis,” says Douglas Bauer, CrowdSavings.com CFO.
Tampa, FL (PRWEB) April 15, 2011
CrowdSavings.com (http://www.crowdsavings.com), a Deal- of-the-Day web site, recently completed its acquisition of Savvy Avenue, continuing its rapid expansion that began in Tampa in December 2009. CrowdSavings is expected to reach 20+ markets by December 2011. Terms of the acquisition were not disclosed.
The Savvy Avenue acquisition allows CrowdSavings to expand into both the Cleveland and Nashville markets, both of which have planned launch dates before the end of this month. The acquisition also increases the Company’s customer subscriber bases in several of its key existing active markets.
“Independently of the acquisition, we are also scheduled to launch in the Atlanta market this month,” stated CrowdSavings’ Founder & CEO, Chad Jaquays, “but this acquisition allows us to stay on pace with our expansion plans overall.”
In addition, the Company recently raised $1.06 million of its fully subscribed $1.30 million offering; terms of the offering were not disclosed.
“This successful capital raising effort provides us with the necessary working capital to continue the implementation and execution of our business plan – which includes continued expansion on a national basis,” says Douglas Bauer, CrowdSavings’ Chief Financial Officer.
“Although this is a fragmented industry, CrowdSavings.com offers a number of advantages, including local sales staff and exceptional client analytics. We don’t require a minimum number of consumers for the deal to be valid and have an extremely easy-to-use web site,” says Jaquays. “In addition, we are not oversold. Some of our competitors open deals to so many people that consumers may wait months before they can redeem their coupons.”
CrowdSavings.com offers consumers deep discounts 50 to 90 percent off retail prices. Offers or “Deals” are emailed daily to individuals who register on http://www.CrowdSavings.com, the site features deals from restaurants, spas, theaters, museums, local events and festivals, bars, home and automotive services, and various recreational and children’s activities such as biking, kayaking or tickets to the zoo. The company also leverages the power of social networking through tools such as Twitter and Facebook to encourage viral sharing of its deals.
As for the benefit to the merchants, CrowdSavings.com offers the opportunity for them to be presented to thousands of targeted potential customers for a 24-hour period with no upfront cost or risk involved; a highly efficient and cost effective form of advertising. This pay-for-performance model works well for small businesses that often can’t afford outside marketing assistance due to its high costs. Complete with an easily accessible merchant dashboard, the site allows merchants to calculate traffic and profitability on a real time basis, taking the guesswork out of their marketing investment.
About CrowdSavings.com
Based in Tampa, Fla., CrowdSavings.com offers deeply discounted daily deals to consumers and unique marketing tools for local merchants by leveraging the viral nature of its social buying platform; with active markets in Tampa, Denver, Las Vegas, San Francisco, Austin and New York’s Tri-State area CrowdSavings.com plans for continued expansion into 20+ markets by the end of 2011.
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