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Print Edition StoriesSaveWave Inc. has launched as a provider of digital coupon solutions, and it has reported $2.3 million raised in its opening round of Series A funding.
The financing was co-led by Flybridge Capital Partners and First Round Capital, with additional support from Founder Collective, IA Capital and angel investors Ron Conway and Michael Bronner. As part of the launch and funding, the SaveWave board of directors will add new members: Upromise President David Coppins, First Round Capital’s Josh Kopelman and Jeff Bussgang, Flybridge Capital general partner and Upromise co-founder and former president.
Founded in June 2010, SaveWave is a spinout of Upromise, a college savings service with more than 12 million members, which was acquired by Sallie Mae. SaveWave, now a stand-alone Belmont-based startup, develops a platform for digital promotion, distribution and rewards fulfillment systems. The company will continue to host Upromise’s digital grocery coupons on its platform and will develop a white-label program for other brands and a mobile application to activate coupons.
SaveWave is being led by an executive team of former Upromise executives, include CEO David Rochon, former Upromise president; president Michael Libenson, former Upromise senior vice president; and senior VP of business development Brendaen Makechnie, former Upromise Grocery vice president.
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