Kiip announced their success in raising $11M Series B funding through Relay Ventures with the existence of their Series A investors Hummer Winblad and True Venture.
The plan is to go beyond gaming and expand Kiip’s rewards network. With this investment, Kiip will launch new consumer facing products to engage millions of consumers which receive Klip rewards on a monthly basis. This will reinforce Kiip’s position as the global leader in mobile rewards. The Series B investment will be utilized to support the launch of Kiip’s new app, a mobile rewards wallet which enable consumers to store their Kiip rewards while exploring new apps and games which are Kiip-enabled. Known as “Kiipsake,” this app will be released in late July 2012. Bringing convenience to users whom redeem Kiip rewards.
“Kiip is the first company to identify and effectively leverage the massive mobile rewards market for games and apps,” said Kevin Talbot, Managing Director of Relay Ventures and a new member of the Kiip board of directors. The company is tracking more than 100 million ‘moments of happiness’ every month in the United States with more than 400 apps. On average this dispenses five rewards every second.
Currently, Kiip works with more than 40 brands including American Apparel, Best Buy, Disney, Dr Pepper, PepsiCo, Popchips, Sony Music, 1-800-Flowers.com, Wrigley, and others. More than 400 games and apps employ the Kiip network including multiple games from leading developers such as Get Set Games (Mega Jump and Mega Run), Kira Games (Unblock Me), and Playforge (Zombie Farm).