Popular US shopping app Ibotta has secured new funding led by Silicon Valley-based GGV Capital. This round furthers Ibotta’s mission of providing its consumers a Life Rewarded for making everyday purchases online, in mobile apps and at retail stores.
With USD3.8 billion under management across eight funds, GGV has invested in leading consumer tech brands and marketplaces such as Alibaba, Boxed, Houzz, OfferUp, Peleton, Poshmark, Wish and more. The venture capital firm was founded in 2000 and invests across the US and China, the world’s two largest economies.
“Our firm looks well outside Silicon Valley and beyond borders for companies that understand how commerce for the mass market is shifting to mobile, and Ibotta gets it,” says Hans Tung, Managing Partner at GGV Capital. “We are excited to make this investment in Ibotta – our first in the State of Colorado – and just like Alibaba, Wish and other GGV portfolio companies, we are confident that Ibotta is poised for next-level success.”
In addition to leading the round, Tung and GGV Vice President Robin Li will both become observers to Ibotta’s Board of Directors.
“GGV is one of the most impressive, accomplished and forward-thinking venture capital firms in the United States and around the world, and it makes sense for Ibotta to partner with them,” says Bryan Leach, Founder and CEO of Ibotta. “This partnership marks another milestone moment in Ibotta’s mission to bring a Life Rewarded to consumers, and we’re excited to join GGV’s portfolio of like-minded companies.”
Other investors in Ibotta’s C-1 round include Harbor Spring Capital, a leading New York City-based investment fund which made Ibotta its first private investment, and Haystack Partners, a well-known investor of early and growth stage companies. Previous lead investors Jim Clark and Tom “TJ” Jermoluk, pioneers in Netscape and Silicon Graphics, also participated in this latest round. The exact amount was undisclosed.
