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Mall Networks Inc. has closed a $6.7 million Series C round of venture capital financing from its four existing institutional investors, the Lexington retail loyalty program provider reported in a regulatory filing this afternoon.
The new round brings the company’s total venture investment to at least $17.6 million, including a $7 million B round closed in 2008.
“The company has been performing very well,” said Jon Chait, a Dace Ventures partner who represents the Boston venture firm on Mall Networks’ board. “Even during the downturn it’s outperformed its plans.”
Mall Networks’ recent new customer wins include Delta Airlines Inc. (NYSE: DAL) and JPMorgan Chase & Co. (NYSE: JPM). Chait declined to comment on the company’s profitability or revenue.
Along with Dace, investors Flybridge Capital Partners, Venture Capital Fund of New England and LBO Enterprises returned to participate in the Series C. Venture Capital Fund of New England (VCFNE), a federal Small Business Investment Companies fund, is making follow-on investments in its current portfolio but is not seeking to raise a new fund. LBO Enterprises is an investment firm managed by Les Otten, former vice chairman of the Boston Red Sox, founder and former CEO at American Skiing Company, who is currently director of Maine Energy Systems LLC, a wood pellet heating company in Bethel, Maine.
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