Clovr Media growing as card-linked offers set to launch
Article Courtesy of: Boston Business Journal – by Kyle Alspach
Clovr CEO Tom Burgess said the company plans to hire a dozen more by year-end, in conjunction with the release of its software that supports card-linked special offers.
Boston-based Clovr Media Inc. expects to add a dozen staff members by the end of the year and launch its credit-card-linked special-offers software for advertisers in the fourth quarter, CEO Tom Burgess said in an interview.
Founded in late 2009 by Burgess, a serial Boston-area entrepreneur, Clovr has received $9.8 million in venture financing to date. That includes an $8.3 million round in March led by Bain Capital Ventures of Boston and including participation from Kepha Partners of Waltham, Mass., and CommonAngels of Lexington.
Burgess said Clovr is his fifth media company that he’s started over the past two decades, including mobile advertising firm Third Screen Media of Boston, which sold to AOL Inc. in 2007. The company currently employs 24 at its office at 261 Summer St. in South Boston — in an area officials are calling the city’s Innovation District — and expects to grow to at least 36 by the end of the year, Burgess said.
Clovr’s software enables consumers to link their credit and debit cards to discounts and coupons they view online or in other media, including print or TV. Consumers can then redeem the offers at stores, where consumers still do 90 percent of their actual purchasing, Burgess said. “The consumers’ benefit is that the savings comes right off, automatically,” he said.
The company’s customers are advertisers who are looking to run a card-linked offers campaign, Burgess said. Clovr is working with financial institutions for the actual linking of the credit and debit cards; in the fourth quarter, the company expects to announce that two of the country’s five largest banks are participating, he said. The announcements will begin in September, Burgess said.
Bank participation will make it easier for consumers to take part in the card-linked offers — consumers will only have to click on an opt-in form sent by their bank, he said. But nearly all other cards are also supported by the system, though the registration process will have additional steps for consumers whose banks aren’t participating, Burgess said.