Ibotta is a free mobile coupon and cash-back shopping app available for iOS and Android devices. The app was founded in 2011 by Bryan Leach in Denver. Ibotta started with savings on groceries, similar to traditional coupon clipping. The app's initial success stemmed from its ability to be compounded with those paper coupons. The app has expanded to include partnerships with over 1,500 consumer brands.
How it works
The app offers coupons or cash back on purchases made online or at brick-and-mortar stores. They've leveraged social media, allowing users to earn cash back or discounts by posting and by creating shopping teams. There are also trivia questions, fact-learning, videos to watch and quizzes which can earn users savings.
Ibotta allows users to save favorite stores, which in turn tracks shopping habits and provides users with more relevant content. Besides that, Ibotta provides users with featured savings.
When users make a qualifying purchase, they have to provide Ibotta with proof of purchase. Users can provide proof by selecting where they purchased the product, scanning the products barcode and then providing a photo of their receipt; users can also link store loyalty cards to the app which automatically confirms the purchase, or you can Pay with Ibotta.
Pay with Ibotta
In 2019, Ibotta launched Pay with Ibotta, an new payment service allowing users to complete an entire purchase in Ibotta's app. When using Pay with Ibotta, users don't have to wait for their cash back reward, but it is given immediately.
Ibotta raised $20 million in Series B funding in June 2014. The lead investor was Jim Clark. Tom Jermoluk participated, along with Great Oaks Venture Capital.
In September 2015 Ibotta raised $40 million. Jim Clark led the round. Tom Jermoluk, Thomas Lehrman and Great Oaks Venture Capital also participated.This round brought Ibotta's total raise to $73 million.
In a second Series C, in July 2017, ibotta raised an undisclosed amount in a round led by GGV Ventures. Other participants included Harbor Spring Capital, Haystack Partners, Jim Clark and Tom Jermoluk.
In August 2019, Ibotta finished a second Series D with an undisclosed amount. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries. Ibotta had a pre-money valuation of $1 billion.
Ibotta Raises Series D, Becomes Only Tech Unicorn In Colorado
Ibotta raises an undisclosed nine-figure Series D led by Koch Disruptive Technologies.
Christopher M. Schroeder