Ibotta

Ibotta is an American mobile technology company based in Denver, Colorado that enables users with its smartphone app to earn cash back on in-store, mobile app, and online purchases with receipt submission, linked retailer loyalty accounts, payments, and/or purchase verification.[1]

Ibotta, Inc.
TypePrivate
IndustryTechnology, coupons, mobile applications
Founded2012
FounderBryan Leach
Headquarters
Denver, Colorado
Area served
United States
Key people
Bryan Leach (CEO), Luke Swanson, Kane McCord, Karsten Voermann, Tim Hannan, James H. Clark
ServicesCash back, brand discovery, engagement, consumer marketing, analytics, payments
Number of employees
650+ (2019)
Websitewww.ibotta.com

History

Ibotta was founded by current CEO Bryan Leach in 2012.[2][3] Jim Clark is an investor and board member.[4]

As of 2016, Ibotta had received over $73 million in funding.[5][6] In August 2019, the company announced that it had raised its valuation to $1 billion, following a round of Series D funding. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries. The amount of money raised was not disclosed, but followed three rounds of funding that totaled $85 million.[7][8]

By 2019, it was reported that the Ibotta app had been downloaded more than 30 million times and had given users $500 million in rewards money.[9]

The company partners with brands and retailers to offer rebates and discounts on consumer packaged goods, retail purchases, and restaurant dining through a mobile app, similar to traditional coupons or rebates.[10][11][12][13] Ibotta also has cash back and rebates on alcohol (wine, beer, and spirits) that can be purchased at bars, restaurants, and liquor and grocery stores.[14][15] Ibotta users must be of legal drinking age, even if the consumer has no intention of purchasing beer or wine, or if they patronize a business that does not sell such items.

The app is available on both iOS and Android devices and is available only in the United States as of October 2016.[16][17][18][11] Ibotta claims to work at over 500,000 locations within the United States.[19] In 2019, the company introduced Pay with Ibotta, a way to pay for purchases using gift cards while receiving cash back rewards.[20]

In November 2020, Ibotta becomes the official jersey patch partner of the New Orleans Pelicans.[21]

Notable dates
  • Company incorporated October 31, 2011.[22]
  • App launched to both the App Store and Google Play stores in 2012.[23]
  • Dynamic Segmentation was launched in partnership with LiveRamp in May 2016.[24][25]
  • In July 2016 Ibotta app announced it had paid users over $100 million through its rebates.[26]

References
  1. Cohen, Patricia (March 31, 2016). "The Cities on the Sunny Side of the American Economy". The New York Times. ISSN 0362-4331. Retrieved August 10, 2016.
  2. "About us". Ibotta.
  3. "Ibotta expands (again!) by doubling office space in downtown Denver". The Denver Post. June 28, 2017. Retrieved May 22, 2018.
  4. Chowdhry, Amit. "How Ibotta Is Helping Every Day Consumers Save Time And Money". Forbes. Retrieved January 17, 2020.
  5. Perez, Sarah. "Mobile Savings App Ibotta Scores $40 Million".
  6. "Venture funding down in Colorado but firms still finding money – The Denver Post". Retrieved August 11, 2016.
  7. Flanagan, Will (August 6, 2019). "Ibotta Raises Series D at $1B Valuation, Becomes Colorado's Latest Unicorn". Colorado Inno. Retrieved August 15, 2019.
  8. "Cashback and rebate startup Ibotta secures funding at a $1 billion valuation". VentureBeat. August 6, 2019. Retrieved August 15, 2019.
  9. "Denver-Based Ibotta Reaches Milestone". www.cobizmag.com. Retrieved June 21, 2019.
  10. Natanson, Elad. "How Major Brands Combine App Innovation With Old-Fashioned Marketing Principles To Win In Mobile". Retrieved August 10, 2016.
  11. "Penny-Pinching Millennials Are Keeping the Coupon Alive". Bloomberg.com. Retrieved August 10, 2016.
  12. LearnVest. "8 Apps To Save You Money On Supplies, Clothes, Food And More Back-To-School Shopping Gear". Retrieved August 11, 2016.
  13. "In a World of Constantly Deleted Apps, This Mobile Player Uses Cash to Keep Folks Coming Back". Retrieved August 11, 2016.
  14. "Free Beer! There's an App for That". Fortune. March 2, 2016. Retrieved August 10, 2016.
  15. Pavini, Jeanette. "How to save on holiday spirits, wine and beer". Retrieved August 11, 2016.
  16. Evans, Katie. "Mobile shopping app Ibotta raises $40 million". Retrieved August 10, 2016.
  17. "Ibotta plans to hire 200-300, triple Denver office space – The Denver Post". Retrieved August 8, 2016.
  18. Perez, Sarah. "Mobile Savings App Ibotta Scores $40 Million". TechCrunch. Retrieved August 10, 2016.
  19. "Ibotta Gets $40 Million in Funding – AppInformers.com". October 1, 2015. Retrieved August 11, 2016.
  20. "Pay with Ibotta - Instant Cash Back on Your Purchases". Pay with Ibotta. Retrieved September 20, 2019.
  21. "New Orleans Pelicans and Ibotta announce new partnership". New Orleans Pelicans. Retrieved December 22, 2020.
  22. http://www.bizjournals.com/denver/print-edition/2014/06/27/ibotta-s-founder-decided-not-to-keep-his-day-job.html
  23. Perez, Sarah. "Ibotta Offers A New Take On Mobile Couponing By Offering Cash Back For Engaging With Brands, Then Buying Their Products". TechCrunch. Retrieved July 21, 2016.
  24. Ibotta. "Ibotta Launches Dynamic Segmentation, Partners with LiveRamp to Drive Incremental Sales for Retailers". www.prnewswire.com.
  25. "Ibotta Launches Dynamic Segmentation, Partners With LiveRamp". www.mediapost.com. Retrieved August 8, 2016.
  26. "What Day Should You Actually Be Buying Wine?". Refinery29. Retrieved August 8, 2016.
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