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Real rewards network Kiip raises $11 million

Launching consumer Kiipsake wallet app to push brand

Real rewards network Kiip raises $11 million
As rumoured several weeks ago, mobile rewards network Kiip has closed its B Series funding round.

It's raised $11 million with Relay Ventures taking the lead. Its MD Kevin Talbot joins Kiip's board of directors.

This brings Kiip's total funding to $15.6 million.

Existing Series A investors Hummer Winblad and True Ventures also participated.

Happy moments

With offices in San Francisco, Los Angeles, New York and London, Kiip will use the cash to expand its network beyond mobile games to apps, and drive international growth. As well as North America and the UK, it's now running campaigns in countries such as Mexico and Columbia.

It will also roll out its own app, a mobile rewards wallet called Kiipsake - later in July.

Feel good

Kiip's system works by integrating within games, triggering a real-world reward such as a coupon when players have achieved a goal such as completing a level.

Running in over 400 apps, the company is generating what it calls more than 100 million 'moments of happiness' every month in the US.

It says its initial conversion rate for such a moment is 18 to 22 percent, rising to 50 percent once a user has redeemed their first Kiip reward.

Advertisers include American Apparel, Best Buy, Disney, Dr Pepper, PepsiCo, Popchips and Sony Music.

Real reward

"It has been a tremendously rewarding team effort to build an entirely new industry category that created the coveted win-win-win," said CEO Brian Wong.

"Developers monetise and 'kiip' their users longer, brands reach potential consumers while building affinity, and mobile users benefit from rewards that augment their existing experiences. The capital and guidance of our new and existing funding partners will help us create a new, exciting chapter for our company."
Contributing Editor

A Pocket Gamer co-founder, Jon is Contributing Editor at PG.biz which means he acts like a slightly confused uncle who's forgotten where he's left his glasses. As well as letters and cameras, he likes imaginary numbers and legumes.

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