OfferIQ, a New York-based developer of a mobile customer reward redemption solution for retailers, has raised an undisclosed amount of new VC funding. Metamorphic Ventures led the round, and was joined by ff Asset Management, Transactis CEO Joseph Proto and other individual angels.
OfferIQ, a unique, seamless way for retailers to target consumers via their mobile devices to incentivize the in-store shopping experience, announced today that it has secured funding led by Metamorphic Ventures, a New York City-based venture capital fund. Other participating investors included ff Asset Management, Joseph Proto, CEO of Transactis and several other individuals.
Paul M. Harkins, Chairman and CEO of OfferIQ, said, “We’re privileged to receive the support of well-known, well-respected and professional members of the venture capital community committed to our product and vision. Metamorphic is truly about adding value at every interaction. With the help of Metamorphic Ventures there is no doubt we will be able to grow much faster and reach more customers in less time.”
OfferIQ is making the antiquated paper coupon business obsolete through a new cost-effective customer reward redemption solution for retailers. With the deployment of its Patent Pending system, the company’s proprietary technology provides retailers with the ability to drive sales and new customers into their stores with the intent to make a purchase. OfferIQ estimates that this technology boosts in-store traffic and customers’ average spend by as much as 30 percent.
“We were impressed with Paul Harkins as a business leader” said Metamorphic Ventures partner Marc Michel. “We’ve looked at a lot of companies in the mobile incentive space and they’ve all had serious flaws with user interface, retailer implementation, cost and customer targeting. OfferIQ’s unique technology and approach has conquered all the major challenges facing retailers and consumers’ ability to redeem incentives and discounts through retail purchases with no point-of-sale integration using every mobile phone in the market today. This has been reinforced by the speed of OfferIQ’s growth and customer acquisition.”
OfferIQ, a division of Astorenearme, Inc, is a private company based in New York City that has partnered with industry leaders in the retail and payments space to bring a coupon-free mobile customer reward redemption solution to market. OfferIQ enables banks, retailers, affinity groups and social networks to add in-store incentive functionality to its existing reward/loyalty program or to begin a new program for customer retention and brand loyalty. OfferIQ’s solution works with every mobile phone and requires no change whatsoever to a retailer’s POS system. Visit www.offeriq.com.