Mountain View, CA-based SaveSmart Inc., a provider of interactive
personal promotions, said it raised approximately $14 million in a new
financing round.
Investors include Cendant Corp. (formerly CUC), DataCard Corp., Draper
International, Intel Corp., Microsoft Corp., and SOFTBANK Technology
Ventures. Since 1996, the company has raised over $23 million, including
earlier investments from Hewlett Packard/Verifone, SOFTBANK and DataCard.
SaveSmart said it has developed the business and technology infrastructure
for a new interactive personal promotions category, part of the $135 billion
promotions market. Personal promotions are enabled by both the interactivity
and mass acceptance of the Internet, the company said.
“Personal promotions have distinct advantages over traditional direct
marketing mechanisms such as advertising or direct mail. It is highly
customizable and is available online and upon user request. SaveSmart matches
purchasers and vendors, linking traditional retail establishments with
existing and potential customers,” said Ashok Narasimhan, SaveSmart chairman
and CEO.
Merchants will pay a small fee for each SaveSmart-generated transaction.