BOSTON, MA--(Marketwired - Aug 1, 2013) - Jebbit, recently recognized by business TV network CNBC as "one of the world's most promising companies," announced today that it has closed an additional $1.25 million in funding led by Data Point Capital, the Boston-based venture capital fund created by Shoebuy.com founder Scott Savitz. As part of the fundraising, Savitz will join Jebbit's Board of Directors. Previous investor Boston Seed Capital also participated in the round.
The announcement comes after an explosive year for Jebbit, which recorded year over year revenue growth of over 700% and an impressive list of over 100 clients.
Jebbit's interactive ad technology drives consumer engagement and action by attaching questions to existing online content and rewarding consumer interaction. These questions serve to boost brand awareness, gain consumer insights, drive direct sales and customer acquisition, and enhance social media engagement. In addition, Jebbit's Cost-Per-Correct-Answer CPCA™ model provides consistently higher ROI than Cost-Per-Click (CPC) or Cost-Per-Impression (CPM) alternatives; advertisers only pay when a consumer interacts with the content, verified by a correct answer or action.
Jebbit was founded on this promise of guaranteed engagement. "At Jebbit, we believe that brands should never pay for online advertising, unless consumers truly interact with the ad," explains Jebbit CEO and co-founder Tom Coburn. "As advertisers aim to achieve higher levels of ROI, positive impact on consumer awareness, and verification that advertising is delivered to the right audience, Jebbit's technology provides this level of performance on various forms of online content."
Jebbit co-founder and COO Jonathan Lacoste explained, "This funding will allow us to build out our sales and tech teams and further our ability to drive greater value for our clients and online advertisers. We also look forward to bringing to market other innovative product developments in the burgeoning mobile and video advertising spaces."
"We are extremely excited to become part of the Jebbit team," said Savitz. "In a time when traditional forms of online advertising have become more difficult to deliver upon productively for advertisers, Jebbit's CPCA™ is a truly differentiated approach ... driving enhanced consumer interaction that results in increased brand awareness, and achieving a level of performance that makes sense for them both top line and bottom line."
Jebbit is a pay-per-performance ad network that utilizes existing online content (display ads, video ads, webpages, etc.) and engages consumers by posing questions about the content displayed. These questions power brand education, market research, user acquisition, social media action, and direct sales for brands. In return for engaging, consumers are given cash and deal rewards. Jebbit has received national and international accolades for its innovative ad model, being named one of CNBC's Top 25 Most Promising Companies in the World, Global Entrepreneurship Week Top 50 Startup Award, and BostInno's Coolest College Startup Award. Jebbit has also been a member of the prestigious business accelerator programs, TechStars Boston and Summer@Highland. Jebbit got its start in 2011 with a win at the Boston College Venture Competition.
About Data Point Capital:
Data Point Capital focuses on companies that can be leveraged and scaled on the Internet and touch the consumer. Categories of interest include mobile, gaming, social networks, payments, comparison shopping, e-commerce and emerging technologies. The fund is stage-agnostic, allowing for investments in seed, early stage, mid-stage, late stage or controlling interest deals and is made up of business executives and internet leaders who have created tremendous value through building a number of very successful companies (in many cases, again and again). Portfolio companies include Smart Lunches, Kitsy Lane, and Clypd.
About Scott Savitz:
Scott Savitz is a strong advocate of entrepreneurship and innovation, especially where it aims to raise the bar on the consumer experience. Scott is the Founder of Data Point Capital, an investment fund focused on the internet. Scott is also the founder and former CEO of Shoebuy.com. Scott founded Shoebuy in 1999, and served as its CEO through its sale to IAC. Under his guidance, Shoebuy grew on average over 55% a year becoming one of the largest online retailers in the country, with over 1 million products and $3.5 billion in inventory available for sale, serving over 8 million visitors a month. He also serves on several committees focused on fostering growth and a more robust economy including the Massachusetts Technology Collaborative and Co-Chair of 12 X 12. He is a frequent industry speaker and has received numerous awards and accolades including Ernst & Young's New England Entrepreneur of the Year.