Tuesday, August 26, 2008

Mall Networks gets $7M Series B funding

By Mass High Tech Staff

Online customer loyalty program developer Mall Networks has reported second round funding of $7 million, led by new investor Dace Ventures, of Waltham. The funding also included participation from returning investors Flybridge Capital Partners, Venture Capital Fund of New England and LBO Enterprises.

As part of the Series B funding deal, Dace Ventures partner Jon Chait will join the Mall Networks board of directors.

Mall Networks operates multi-channel customer loyalty solutions, such as merchant-funded bonus rewards for either online or in-store shopping at such venues as Best Buy and Verizon, for more than 700 merchants.

The Lexington firm made several announcements earlier this year with the launch of a health rewards program by Virgin HealthMiles; the launch of the Free Spirit Mall for Spirit Airlines frequent fliers; and personnel announcements including John Mangan as vice president of financial markets and Michael Morin as senior vice president of worldwide sales.

In June, Mall Networks won the marketing and customer relationship category award at the Massachusetts Innovation & Technology Exchange annual awards event.