Ifeelgoods Raises $6.5 Million To Ride The Facebook Credits Wave
In a couple of days, Facebook will require game developers to implement its Facebook Credits currency, as announced in January 2011 (much to the dismay of some developers, although we should also note that several juggernauts, including Zynga, EA and RockYou, were already on board).
This morning, Ifeelgoods is announcing that it raised $6.5m to strengthen its offering ahead of the July 1 Facebook Credits implementation deadline. Ifeelgoods offers a platform that allows retailers to provide Facebook Credits as marketing incentives in their online stores.
Basically, Ifeelsgoods wants to make online retail promotions more effective (and less expensive) for sellers by having them hand out credits for virtual goods from popular social games in lieu of traditional promotions such as discounts, coupon codes or gifts.
The Series A round was led by Idinvest Partners, a European VC firm, and joined by Tugboat Ventures, which had also participated in the company’s $1.5 million seed round.
Ifeelgoods says it will use the additional capital to expand its digital goods incentives solutions to better serve existing customers as well as reach customers in new vertical and international markets. Since its launch in September 2010, Ifeelgoods has signed more than 20 customers, including 1-800-Flowers.com, Ice.com, Shopping.com and La Redoute.
These brands have implemented Ifeelgoods solutions to leverage digital goods, beginning with Facebook Credits, as an incentive for purchases, online advertising, Facebook fan acquisition, email signups and Twitter marketing.
Ifeelgoods is a French/American startup founded by e-commerce entrepreneur Michael Amar, former Shop.org Executive Director Scott Silverman and alumni from Google and PayPal.