Social media advertising company Moontoast has acquired a locally based startup that has developed a mobile platform that lets companies turn customers and fans into a sales force.
Terms of Moontoast's purchase of Spendship, which hit the market late last year, aren't being disclosed. Spendship was launched a year ago by Jason Weaver, the former CEO of social marketing venture Shoutlet, to let consumers join a marketplace with more than 800 products where they can promote their favorite products and earn 10 percent of the sale. (See image below or click here.)
Weaver, who in 2013 moved to Nashville from Wisconsin, raised $475,000 to get Spendship going. He will now be Moontoast's chief product officer.
"Spendship has a powerful and refreshing take on affiliate and loyalty marketing. Spendship's mobile-first strategy is completely aligned with Moontoast's product vision," said Blair Heavey, CEO of Moontoast, which is headquartered in Nashville and also runs offices in Boston and San Francisco. "We believe Spendship will give our clients and prospects a combined engagement and retention platform that fulfills an obvious and overlooked market need."