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California startup PunchTab bags $6.25M in new funding to run loyalty programs for enterprises
Analytics startup PunchTab has secured $6.25 million in a new funding round with Mohr Davidow Ventures as the lead investor. The company will use the new capital to beef up its sales workforce, according to TechCrunch.
The firm began in the industry as an entity that runs promotions and loyalty programs for various businesses. Among its products are second screen tools that reward TV viewers when they check into a certain program or when they use a brand hashtag in their tweets. The firm caters mostly to big enterprise clients to provide them with behavioral data of their customers, the report detailed.
Founder Ranjith Kumaran said: "Loyalty, that's really a means to an end, to drive better data collection." He also said PunchTab uses these loyalty programs to "build a 360 degree view of the customer."
To date, PunchTab has raised a total capital of $11.5 million. Its most prominent clients include Kroger, Arby's, Harlequin, and Nestle, TechCrunch added.