Linkable Networks has announced this week the acquisition of $11.7 million in series C funding, enabling the company to hire key executives, enhance its sales and increase marketing efforts.
The funding, which came from existing investors Kepha Partners, CommonAngels, and BlueChip Ventures, also allows Linkable to scale its customer loyalty platform, which enables retailers and brands to interact with the next generation of consumers.
Recruiting for the future
To further support the growth of the company over the coming year, Linkable plans to double its staff in the next six months in the areas of development, client support and sales.
The company has welcomed three new senior executives into its fold including John Caron, who joins as chief marketing officer following his role as VP of marketing at digital media outfit Catalina.
Mike DiFranza joins the company from Captivate Networks to take the role of president. Meanwhile L. Jeff Jensen has been appointed executive vice president and general manager of Linkable’s new omnichannel affiliate network for specialty retailers, Omnyverse.
“We’re excited to welcome Mike, John and Jeff to the Linkable team,” says Tom Burgess, CEO of Linkable Networks. “The company is disrupting the analog world of consumer promotions and loyalty by connecting digital media, consumers and physical stores.
“We’ve created market changing solutions and we’re partnering with the largest financial institutions, retailers and brands to deliver a frictionless loyalty solution that traverses the in-store, online and mobile paths to purchase.”
Research from Inmar shows that 78% of consumers want coupons or loyalty redemptions to be automatically applied to their purchase.
Linkable claims its platform eliminates the hassle of printing, clipping and scanning coupons. With the convergence of payments and marketing, brands can reward consumers for their loyalty while tracking their own return on ad spend.
“For Millennials, loyalty trumps discounts wherever they shop and, according to the Brand Loyalty Report, 60 percent of them would switch brands and 68 percent would change where they shop if it meant more benefits,” says Linkable’s newly appointed CMO, Caron.
“Coupons and loyalty cards often get lost or left behind and currently fail to support a brand’s relationship with their consumers.”
Caron adds that traditional and print-at-home coupons elongate checkout times, potentially costing retailers millions of dollars every year.
“What Linkable is doing is unique in that it creates a better experience that saves everyone time and money and utilizes something we all have in our pockets, our payment cards.”