Italian VC fund Innogest Capital announced the investment of a 5 million US dollars Series A funding into the Italian start-up Beintoo that has offices both in Milan, Italy and Palo Alto, Silicon Valley.
Following is the press note released by Innogest Capital
Beintoo (www.beintoo.com), the innovative company behind the leading loyalty rewards and monetization platform for mobile games, apps, and websites, today announced that it has secured $5 million in Series A funding led by Italian VC firm Innogest Capital.
“Innogest is excited to be a part of Beintoo. Beintoo has a unique proposition for app developers and retailers, and results speak for themselves: a very young and motivated international team reached out to more than 100 million devices in less than a year. Add this to the quality of Beintoo’s special offers and you will obtain a company that stands out in the mobile monetization ecosystem,” said Claudio Giuliano, Managing Partner of Innogest.
Beintoo, headquartered in Milan and Palo Alto, plans to allocate Series A funds across North America and Asia, extending the company’s footprint in these regions. The company plans to expand operations, with an emphasis in sales, and continue to create partnerships with brands and developers who can benefit from Beintoo’s breakthrough and innovative advertising platform.
“With Beintoo, users’ activities and time spent in games, apps, and on the web can be translated to Bedollars, a meritocratic currency which can be redeemed in online and offline stores,” said Antonio Tomarchio, chief executive officer of Beintoo. “This way, retailers can use the loyalty users have for their favorite apps to attract them to their deals, offers, and products, creating a true personalized experience. We find that transforming time spent in an app to real benefits results in high conversion rates and very happy users.”
This round of funding added to successful milestones showcases the power of a new breakthrough model of engagement between users and retailers, while reaffirming Beintoo’s status as the unique platform able to transform the time spent by users on the internet into personalized real-world benefits.