Updated at 12:55 p.m. with Braswell comment on Chicago's co-HQ status
Credit card marketing firm edo Interactive has landed $15 million in funding, largely from firms in Silicon Valley and Chicago — which the company now lists as its co-headquarters city.
The Series C financing round was led by VantagePoint Capital Partners and also included Baird Venture Partners and other existing investors. Officials at five-year-old edo say they will use the money to further roll out their technology platform for delivering instantly redeemable offers through credit cards, debit cards and mobile devices. The company also plans to step up efforts to tap small and medium business — an initiative for which it recently hired an executive vice president.
This Series C round brings the company's total financing to date to $54.3 million, one of the largest amounts raised of late by a local tech company via the venture capital route. Edo works with more than 200 local and national merchants, including Nordstrom, Target and Subway. Its offers are redeemed instantly and savings are credited back into the shopper’s bank account. The company has more than 140 bank partners with a total of more than 150 million cardholders.
“Payments and advertising are colliding; to stay competitive, banks must deliver value to cardholders that goes beyond the traditional realm of services, while advertisers are searching for solutions to drive customer acquisition, loyalty and return on marketing investment,” said Ed Braswell, CEO of edo. “This latest investment will help edo expand our market leadership position and scale our advertising content, merchant partnerships and growth within the highly competitive local business market.”
The funding from VantagePoint, Baird and others also marks the first time that the company has said it has co-headquarters in Nashville and Chicago — the latter is the home of Baird Venture Partners. In an email via a company spokeswoman, Braswell said the dual HQ structure will let edo leverage the strengths of each city — specifically pointing to Chicago's digital and marketing talent base — and said recently hired chief technology officer Jeff Sippel is based there. Braswell also said he "is committed to the expansion of [edo's] headcount and sales network" in the Nashville area.
“edo has disrupted the space by making the offer experience easy and rewarding for consumers and advertisers,” said Tom Bevilacqua, managing director and group co-leader of VantagePoint. “With its established approach to card-linked offers for national advertisers, edo is well positioned to transform the status quo for small businesses and make hyperlocal marketing simple, measurable and profitable.”