Edo Interactive, a startup headquartered in Nashville TN has just announced another $15 million in venture funding. Silicon Valley based VantagePoint Capital Partners led the latest $15 million dollar round. Baird Ventures also participated. Bair led Edo Interactive’s $20 million dollar round last year and cumulatively Edo Interactive has raised $54 million in venture funding.
So what does this Nashville startup do that’s garnered such huge venture capital investments? They provide a deals service, similar to Groupon, but through banks and retailers vs mom and pop restaurants, coffee shops and other businesses. Retailers pay banks a fee to market deals to their databases of credit and debit cards. This gives Edo Interactives client base a much more lucrative market.
Using Edo Interactive’s proprietary technology bank cards are directly tied to participating retailers cash register systems, delivering an instant rebate right back to the customer utilizing the deal. The retailer can then notify the customer by email, text or voicemail. Chicagobusiness.com reports that Edo has relationships with 140 banks with 150 million card holders. They also work with 5 of the 10 largest credit card providers.
Ed Braswell is the CEO of Edo Interactive which is headquartered in Nashville Tennessee and has an additional 20 employees working in the Chicago area. They employ 75 total right now.
“Payments and advertising are colliding; to stay competitive, banks must deliver value to cardholders that goes beyond the traditional realm of services, while advertisers are searching for solutions to drive customer acquisition, loyalty and return on marketing investment,” CEO Ed Braswell said in the statement. “This latest investment will help Edo expand our market leadership position and scale our advertising content, merchant partnerships and growth within the highly competitive local business market.”
Braswell has said that he hopes to offer 140 million new offers per week by 2013. Crate & Barrel, Nordstrom, Target and Subway are just some of the companies that work with Edo Interactive’s platform.
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