RealTime IT News

Netcentives Inc. Secures $24 Million in New Funding

San Francisco-based incentive marketer Netcentives Inc. said it has secured $24 million in its latest round of funding.

Bowman Capital Management LLC. led the round that included $10 million in funding from new investors, including Invesco Private Capital Group, Thomas Weisel Partners and Glynn Ventures.

Most of the current shareholders, including Mayfield Fund, New Enterprise Associates (NEA), Integral Partners, Information Technology Ventures, RRE Investors, increased their investment in Netcentives.

Netcentives, founded in 1996, launched its ClickRewards Shopping Network in March of 1998. Since that time, it has attracted more than 40 online merchants as customers, including barnesandnoble.com, Beyond.com, E*Trade, macy*s.com, Music Boulevard, Preview Travel and Sports Superstore, and over 950,000 consumer members.

"Bowman Capital Management has been very impressed with the results that we've seen Netcentives deliver for its e-commerce customers," said Mathew Cowan, a partner at Bowman Capital Management. "As evidenced by the number of merchants that ClickRewards has signed up as customers, the company has developed a compelling value proposition for both the online consumer and the online merchant."

Netcentives offers frequent flier miles and other rewards to consumers who surf and shop its member sites.