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Denver Startup Plink Raises $3M Series A From Grotech Ventures

Denver loyalty and rewards startup Plink has been on a roll lately. Back in June we brought you this story about how they partnered with TangoCard to bring their rewards beyond Facebook credits and that strategy has seemed to pay off.

Today they’ve announced that they’ve closed a $3 million dollar series A round entirely from mid-atlantic (VA & MD) based Grotech Ventures.

Plink began as a company that would take offline businesses and incentivize their customer base with something simple, and easy that millions would benefit from, Facebook credits. While only offering Facebook credits they rapidly ramped up their brick and mortar customer base, until the recent transition to rewards from TangoCard partners. The company has reported that they will use the new funding to continue accelerating development of their offline program. Of course they will also ramp up member acquisition and their marketing efforts.

“Connecting online-to-offline is a challenge for marketers,” said Plink Co-founder and CEO Peter Vogel. “Plink bridges that gap and Grotech Ventures’ investment brings nearly 20 years of successful experience, an enormous amount of industry know-how, insight, and strategic guidance to propel Plink to the next level.”

“For consumers, Plink is a no-brainer,” said Joe Zell, general partner of Grotech Ventures. “Why wouldn’t someone join and get rewards for going out to their favorite places? There’s no extra card to carry or steps a consumer has to take. In addition, Plink has already proven that huge national restaurant brands love the model and they’re already seeing significant increases in consumer purchases.”

Some of the largest fast food establishments are already on board with Plink including Arby’s, Dunkin Donuts and Burger King.

Large chains have embraced Plink┬ábecause it doesn’t require any changes to their existing point-of-sale infrastructure, does not require staff training, Plink does all the marketing and the restaurants only pay a percentage of the sales that Plink drives. Initial results have shown that Plink members are spending 65 percent more per month at partner restaurants than they were prior to joining Plink. It’s a risk-free, 100 percent turn-key model for national chains and Plink will soon be adding large retail and travel partners.

Plink has raised $4 million to date.

Linkage:

Check out Plink here

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