Kiip raises $11 Million in Series B round of funding lead by Relay Ventures
Mobile rewards network Kiip announced today it has raised an $11 million round of Series B funding. The round was lead by Relay Ventures, with participation from Kiip’s previous investors Hummer Winblad Venture Partners and True Ventures. As part of the deal, Relay Ventures managing director Kevin Talbot will join Kiip’s board of directors.
Kiip made its debut just over a year ago, offering advertisers a better way to engage with mobile app users by allowing them to incentivize in-game achievements with real-life rewards. Since then the service has expanded to non-game apps and introduced limited-time reward tournaments called Swarms. According to today’s press release, the company now gives out five rewards a second, and has a network of more than 400 apps.
Kiip will use the new funding to expand its business to more games and apps, and further establish Kiip as a brand through the launch of the company’s new stand-alone app, Kiipsake. The app will allow Kiip users to store their rewards and find new Kiip-enabled apps, and is due to be released at the end of the month.
Previous to today, Kiip had raised a $4 million round of Series A funding, with today’s round bringing the company’s total funding to $15.3 million. New Kiip investor Relay Ventures is a VC firm that specializes in the mobile sector. The company has also invested in Nexage and Appcelerator.