Social Rewards, a social loyalty platform, has closed a seed round of angel funding totaling $600,000.
Two thirds of Social Rewards’ seed round was funded by members of Tech Coast Angels, including the TCA ACE Fund. Other investors include Jeff Lapin, former CEO of Starwood Hotels, Stuart Larkins, part of the Performics founding management team, and Kelly Perdew, previous LinkedIn advisor, and co-founder & CEO TargetClose, Mi Ventures, and K5 Venture Partners. The company was self-funded for a year with $250,000 from founders Joseph Morin and Mike Uesugi.
Many of the company’s angel funding introductions were facilitated via AngelList, a social network of entrepreneurs and investors.
Social Rewards provides a brand’s customers with loyalty points for engaging in social media activity via Twitter, Facebook, Foursquare, and YouTube.
At the core of Social Rewards is the ability to capture ROI from social media via a tracking URL. This capability allows companies to follow brand messages and engagement throughout the lifecycle of a tweet or Facebook post all the way to sales conversion where additional points may be awarded providing additional incentive.
Primarily in travel and hospitality now, Social Rewards says it has immediate plans to roll out to new markets and industries including entertainment and consumer product sectors.