The mobile-shopping app Ibotta announced on Monday they had raised $40 million in a new round of funding. The company also announced a massive expansion of their presence in downtown Denver. In total, the company expects to hire as many as 300 new employees and could triple the size of their offices in the near future.
The funding round was led by Jim Clark, the founder of Silicon Graphics and Netscape, who will also join the company’s board. The Series C funding brings the company’s total to around $73 million. The new cash will be used to aggressively scale Ibotta’s loyalty platform, as well as for the company to accelerate hiring.
"Ibotta is unique because we allow the consumer to choose any brand they want and get cash back. Seriously, Any Brand," Richard Donahue, VP of Marketing at Ibotta said in a statement. "We're empowering our users to choose, and paying them cash for whatever they pick. There are a lot of people who simply won't coupon because of the hassle or stigma involved. From finding the discounts they want to standing in line and presenting the coupons, we've eliminated the hurdles. And the growth we're seeing proves that we've made it easy and fun to be a smart shopper."
Ibotta’s growth has been impressive so far. Founded in 2012, the company now has 105 employees, almost all of which are located in LoDo. The company said they've had 12 million app downloads, and that they’ve paid users roughly $40 million in rebates — about $3.33 to each user. Ibotta’s app is among the most popular in the App Store.
So far there are no details on the company’s new offices, but the rumor is that they will sign a lease on a 38 thousand square-foot office downtown soon.
Ibotta's service makes it easy for users to get rebates on the things they already buy. The service works at over a half-a-million stores across the U.S., including most major retailers.
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