Ibotta, the company behind the mobile shopping app that bears its name ("I bought a ... "), has reached unicorn status after confirming a Series D financing round at a roughly $1-billion valuation.
What Happened
The latest round of financing makes Ibotta one of the fastest-growing consumer tech companies in its home state of Colorado, Ibotta said in a Tuesday press release.
The amount of the Series D round was not disclosed.
The round was led by Koch Disruptive Technologies, an investment firm that focuses on companies that can create new platforms and are poised to change society for the better.
Ibotta boasts a network of more than 35 million people who downloaded its app, which rewards consumers with cashback rewards for making purchases in-store, on mobile apps or on websites. Ibotta has overseen $600 million in cash rewards to date, with another $200 million expected to be earned throughout 2019.
Why It's Important
Mobile payments have reached mass adoption but one critical component remains missing: "rewards," Ibotta founder and CEO Bryan Leach said in a statement.
The company's expertise in rewards and consumer psychology positions it to transform the $100-trillion global payments market, he said.
"The excitement of cash rewards will be the flashpoint in changing consumer behavior and driving adoption of new forms of mobile payments worldwide."
What's Next
Ibotta said it plans to use the funding to pursue aggressive growth goals, including accelerating hiring plans and expanding its downtown Denver facilities.
"Fintech, and payments specifically, is an industry ripe for innovation and disruption, and we recognize the incredible potential in Ibotta's efforts to use rewards to completely change the way consumers shop," Byron Knight, managing director of Koch Disruptive Technologies, said in a statement.
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