Loyalty Lab Secures $7 Million in Expansion Funding from OpenView Venture Partners
SAN FRANCISCO - June 28, 2007 - Loyalty Lab, Inc., the leading on-demand best customer management solution, today announced it has secured $7 million in venture capital funding from Boston-based OpenView Venture Partners, an expansion-stage venture capital firm. OpenView founding partner Scott Maxwell has taken a seat on Loyalty Lab's board of directors.
The capital infusion will enable Loyalty Lab to ramp up sales and marketing as well as software development. With 50 new clients in three years, Loyalty Lab is the fastest growing loyalty and customer relationship management solution for consumer brands. Loyalty Lab maintains a brisk release schedule, issuing new releases of its on-demand Customer Relationship Management solution up to eight times a year.
"Loyalty Lab has captured the marketplace with its best-of-breed solution that leverages Internet technologies to put the best tools in the hands of consumer marketers," said Scott Maxwell, founding partner at OpenView Venture Partners. "It's precisely the kind of category leader that we seek out for our winning portfolio of high-growth companies."
Loyalty Lab's on-demand platform manages all the functions of best customer and customer relationship management including customer enrollments, transaction processing, and rewards and accruals. Loyalty Lab also enables integrated marketing and campaign management, providing email, web-based and POS communications drawn from a single database.
"Our client base has embraced our Software-as-a-Service approach to providing consumer brand marketers with first class integrated marketing and customer management capabilities," said Mark H. Goldstein, CEO of Loyalty Lab. "We have an aggressive agenda before us and OpenView's breadth of experience in this specific area made the firm our choice to help us get to where we want to be."
About Loyalty Lab, Inc.
Loyalty Lab, based in San Francisco, is the leader in on-demand best customer management solutions for consumer brands. Loyalty Lab's flagship Customer Relationship Manager Suite provides retailers and service companies with integrated and on-demand loyalty program management, email, campaign management, and incentives from a single desktop. Clients include New York and Company, Brookstone, 1-800-Flowers.com, Bally Total Fitness and a number of other prominent retail and service companies. For more information visit www.loyaltylab.com.
About OpenView Venture Partners
OpenView Venture Partners is an expansion stage venture capital fund with a focus on high-growth software, Internet and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies with quickly ramping up sales, marketing and product development functions to best practice levels. The firm was founded in 2006 by Scott Maxwell with an inaugural fund encompassing $100 million in committed capital. OpenView Venture Partners is based in Boston and invests on a worldwide basis. For more information, please visit www.openviewpartners.com.
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Renee Deger
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