Ibotta Closes C-1 Funding Led by Silicon Valley-Based GGV Capital

DENVER, July 25, 2017 /PRNewswire/ -- Ibotta, the third most-used shopping app in the United States, today announced new funding led by Silicon Valley-based GGV Capital. This round furthers Ibotta's mission of providing its consumers a Life Rewarded for making everyday purchases online, in mobile apps and at retail stores.

With $3.8 billion under management across eight funds, GGV has invested in leading consumer tech brands and marketplaces such as Alibaba, Boxed, Houzz, OfferUp, Peleton, Poshmark, Wish and more. The venture capital firm was founded in 2000 and invests across the US and China, the world's two largest economies.

"Our firm looks well outside Silicon Valley and beyond borders for companies that understand how commerce for the mass market is shifting to mobile, and Ibotta gets it," said Hans Tung, Managing Partner at GGV Capital. "We are excited to make this investment in Ibotta - our first in the State of Colorado - and just like Alibaba, Wish and other GGV portfolio companies, we are confident that Ibotta is poised for next-level success."

In addition to leading the round, Tung and GGV Vice President Robin Li will both become observers to Ibotta's Board of Directors. 

"GGV is one of the most impressive, accomplished and forward-thinking venture capital firms in the United States and around the world, and it makes sense for Ibotta to partner with them," said Bryan Leach, Founder and CEO of Ibotta. "This partnership marks another milestone moment in Ibotta's mission to bring a Life Rewarded to consumers, and we're excited to join GGV's portfolio of like-minded companies."

Other investors in Ibotta's C-1 round include Harbor Spring Capital, a leading New York City-based investment fund which made Ibotta its first private investment, and Haystack Partners, a well-known investor of early and growth stage companies. Previous lead investors Jim Clark and Tom "TJ" Jermoluk, pioneers in Netscape and Silicon Graphics, also participated in this latest round. The exact amount was undisclosed.

Over the past five years, Ibotta has focused on building a passionate community of mobile-first consumers who connect with the brands and retailers they care about, all through a single, free mobile app. Users receive cash rewards for making purchases at retail stores or on mobile apps and websites. Recently, Ibotta expanded its Mobile Marketplace with 20+ new additions, including leading brands such as Uber, iTunes, Booking.com, Boxed, eBay, Groupon, Hotels.com, Jet and more.  

About Ibotta
Headquartered in Denver, CO, Ibotta ("I bought a...") is transforming the shopping experience by making it easy for consumers to earn cash rewards on everyday purchases through a single smartphone app. The company partners with leading brands and retailers to offer rewards on groceries, electronics, clothing, gifts, home and office supplies, restaurant dining, and more. Named one of Inc. magazine's Best Workplaces for 2017, Ibotta is the premier destination for rewarded shopping on mobile, and has paid out more than $230 million in cash back to its users. Launched in 2012, Ibotta has nearly 23 million downloads, and is one of the five most frequently used shopping apps in the United States.

About GGV Capital
GGV Capital is a venture capital firm based in Silicon Valley and China that has been successfully partnering with leading technology entrepreneurs for the last 17 years.  With $3.8 billion in capital under management across eight funds, GGV invests in globally minded entrepreneurs in the social/commerce, Frontiertech, and Cloud/Saas/Security sectors.  Our portfolio includes companies such as Airbnb, Alibaba, AlienVault, BitSight, Ctrip, Didi Chuxing, Domo, Grab, Hashicorp, Houzz, Nimble Storage, Opendoor, Pandora Media, Percolate, Slack, Square, Synack, Wish, Youku Tudou, YY, Zendesk, 51credit and more. For more information, visit http://www.ggvc.com.

SOURCE Ibotta

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