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FreeMonee raises $34M in 2nd round of funding

August 10, 2012

FreeMonee Network, a provider of consumer gift incentives, has announced $34 million in investment funding. This round is more than triple the initial $11 million 2010 Series A round and brings the company's total raised to $45 million. The new funding will fuel FreeMonee's rapid expansion, Gadi Maier, CEO, president and co-founder of FreeMonee, said in a company press release.

"FreeMonee Gifts are a new class of consumer incentive that will change the economics of advertising forever, marking the death of coupons," Maier said.

FreeMonee Gifts link directly to a consumer's credit or debit card, delivering cash gifts that can be spent on any purchase at designated stores or restaurants. Unlike a coupon, the consumer is free to spend any amount they want — there are no conditions.

"FreeMonee is attractive because it is a simple, powerful idea that will change how marketers reach customers. The company should be the beneficiary when marketers shift their ad spend from less efficient vehicles to the FreeMonee approach," said lead investor Charles E. Ryan, chairman of UFG asset management and former chief country officer and CEO of Deutsche Bank Group in Russia. Returning investors, including Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures, and Pinnacle Ventures also participated.

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