Foley Hoag Client Clovr Media Receives $8.3 Million in Investment Round
March 11, 2011
Foley Hoag client Clovr Media today closed a $8.3 million investment round led by Jeffrey Glass of Bain Capital Ventures. Clovr Media has developed the first platform that converts banner, text-link, video, or mobile ads into card linked offers (CLOs).
Hailed as the next generation of digital advertising, CLOs link product discounts to debit/credit cards, delivering “Loyalty 2.0.” This next generation of loyalty programs works with financial institutions to allow advertisers to offer discounts to consumers via their card without requiring any upfront payment or paper coupons. Advertisers then track the targeted clicks-thrus and resulting spending.
Clovr Media is a participant in the 12 x 12 initiative; an entrepreneurship initiative initiated in spring 2010 to help accelerate the formation and growth of the next generation of companies in the Massachusetts tech hub. Foley Hoag partners with 12 x 12 to donate in-kind services to these innovative companies.
Says Dave Broadwin, Partner at Foley Hoag LLP and Head of its Emerging Enterprise Center, “Clovr Media is an extraordinarily innovative company that is pioneering “Loyalty 2.0”–the next generation of consumer loyalty programs and testing the boundaries of digital advertising. Foley Hoag has served as outside general counsel to Clovr Media since their incorporation and housed the initial entrepreneur team during the companies formation at the firm’s Emerging Enterprise Center in Waltham.”
Clovr Media’s seed round investors Kepha Partners and Common Angels also participated in this round, as well as angel investor Mark Wright.
About Clovr Media
Clovr Media delivers Loyalty 2.0 to the financial services and digital media ecosystems by bridging the gap between credit/debit card loyalty and interactive advertising in a way that is seamless and simple for consumers. Clovr Media has built the first platform converting banner, text, video, or mobile ads into Card Linked Offers (CLOs) – delivering pinpoint targeting and accountability for online and mobile advertising. When clicked, CLOs link product discounts directly to a consumer’s credit/debit card. CLOs are an evolutionary leap forward for Financial Institutions encouraging loyalty and increasing rewards point redemption. To find out more, visit www.clovrmedia.com
About Foley Hoag’s Emerging Enterprise Center
Foley Hoag’s Emerging Enterprise Center (“EEC”) was founded as an office within the 128 Boston technology corridor where our attorneys could work one-on-one with start-up and emerging companies throughout their entire lifecycle, from inception through financing, growth and maturity. The EEC also is host to numerous events that provide opportunities for entrepreneurs and investors to learn and to connect with potential partners.
About Foley Hoag LLP
Foley Hoag provides innovative, strategic legal services to public, private and government clients across the globe. We have premier capabilities in the life sciences, healthcare, technology, energy, professional services and investment management fields, and in cross-border disputes. Our professionals possess the skills and experience to provide exceptional senior level service to clients ranging from startups to multinational companies to sovereign states. For more information, visit www.foleyhoag.com or follow @FoleyHoag on Twitter.