Loyalty start-up 500friends has announced a new slew of investments from the loyalty world.
With institutional investors including Crosslink Capital, Intel Capital, Fung Capital USA, Silicon Valley Bank, and Y Combinator, 500friends was not actively seeking more financing.
The new 500friends investors include Matt Howland, former CEO of LoyaltyLab; Neel Grover, former CEO of Buy.com; Michael Butler, former head of e-commerce at HP; Jim Keller, former CMO at Shoebuy; Abdul Popal, SVP at CafePress; and Brandon Proctor, CEO of Ice.com and former CMO of Build.com. Both Keller and Proctor were previously clients of 500friends, which did not disclose the size
of the new investment.
“Interest from this esteemed group of retail and loyalty leaders is a testament to their confidence in our team and our solution,” said 500friends CEO Justin Yoshimura.
“With Amazon’s customer retention rate reportedly hovering north of 80 percent,” said Yoshimura, “every retail brand now understands that acquisition is just the first step, and that retention is a top priority for achieving sustainable profitability,” he said.