You probably have heard about the mobile app Ibotta, which is an alternate way you can save money while you are shopping since you do not have to clip coupons for the store. Throughout the past couple years people have saved a ton of money using the shopping app, and now it looks like Ibotta will be able to expand the business since it just got $40 million in Series C funding.
The money is going to help Ibotta scale its business, which is great news for consumers who use the app, which has now been downloaded over 10 million times since it first came out. Speaking of $40 million, that is also about how much money people have saved using the shopping app, and this makes Ibotta one of the most practical apps out there on the marketplace.
The $40 million in Series C funding was led in part by Silicon Graphics and Netscape founder Jim Clark, who is also an Ibotta board member. Ibotta has raised in total $73 million to continue expanding and scaling the business in order to help consumers save money on everyday items.
Ibotta quickly became a powerhouse app with the couponing crowd, who are most likely to combine both paper coupons and digital coupons in order to save the most money, and even the infrequent coupon users have found this app to be addicting. The best part about Ibotta though is that not only do you save money at the store, but you also get cash back as a reward, which is different from some sites that only give you points or credits to use. Ibotta transformed the couponing world into a mobile venture, which allowed consumers the ability to leave the scissors and dividing portfolio at home for good.
When you use Ibotta, you are in part engaging with the brands that Ibotta has partnered up with, and you do this by just tapping an item within the app. You either then will watch a video, answer a trivia question, learn a fact about the item and in some cases share the item on social media. Everytime this happens not only are you saving between $.25 and $1 on each item, but you are learning about these brands to help you make informed decisions about what items you want to purchase based on your specific needs or preferences.
Ibotta also added a feature where you can create a shopping list and then Ibotta will find you the deal to match what you have on the list, so it really cuts down the amount of work you as a user and consumer have to do.
Once you are ready to checkout at the store, all you have to do is scan the barcodes and then upload a picture of the receipt in order to show you purchased the item. While it might seem like this will take you a while to do, once you get through the first few trips to the store it becomes almost second nature, but some people still find it a little time-consuming. Ibotta still will save you a ton of time when it comes to saving money, since you do not have to clip the coupons, and your savings will appear after you went to the store which is nice.
Ibotta is becoming so popular that people are now opening and using the app at a rate of 25 times each month, which is one of the most frequent usages of an app within the country. It should not be that surprising how frequent people are using the app since the main focus is grocery shopping, a place where you literally can spend hundreds of dollars on a cart full of items. With a lot of grocery stores doing away with doubling coupons, Ibotta has been used by consumers to still find ways to get savings off of the same item by stacking the digital and paper.
Ibotta also offers savings at many other stores like 7-Eleven, Walmart, Best Buy, Target, and over 500,000 stores throughout the country in total. When you break that down you end up with over 1,000 different brands that are now being advertised on Ibotta, and the $40 million raised funding is only going to increase the amount of brands that will want to come to the platform in the next year.
The $40 million in funding is going to help increase the user base of Ibotta as well as expand the team, which is currently at 105 employees who are mostly in the Denver, Colorado headquarters. The funding will help Ibotta reach out to even more brands and stores, which will help consumers save even more money on virtually almost everything they purchase.