Beintoo has Received a $2 Million USD Investment From the International Venture Capital Firm, TLcom
Beintoo is receiving a $2 million USD investment from the international venture capital firm, TLcom. This new funding comes a few months after we have closed our Series A round, thanks to the contribution led by Innogest.
- (1888PressRelease) October 03, 2012 - ROME - Beintoo, the unique scalable loyalty platform which links mobile communities to brands and retailers, announced today that TLcom Capital LLP, a London-based venture capital firm investing in the Internet field and in other high growth TMT segments, joined the company as a new investor.
TLcom Capital is working alongside Innogest SGR, the Italian investor who led the series A-round in June 2012, heading to a total investment of $7 million USD.
Started in Milan, Italy, in March 2011, Beintoo has already extended its foothold across Europe, United States and Asia with additional offices in Palo Alto and New York.
"I'm extremely excited about the partnership with TLcom, as I see them not only as an investor but as an essential partner who, in association with Innogest, can help Beintoo achieve international success.", said Antonio Tomarchio, founder and CEO of Beintoo. "Founders, management and investors have made a huge team effort to build a win-win ecosystem, which is now being rewarded by the market and is showing the power of our breakthrough model of monetization and loyalty."
This additional funding will be used to further establish Beintoo as an international brand, leveraging a global base of rewarded users which is already exceeding 200 million people. It will also allow key developers, such as Halfbrick Studios, to engage and monetize, and retailers to build highly effective loyalty programs.
"TLcom is pleased to support the global ambition of Beintoo. They are positioned to lead the exploding virtual money space, and have demonstrated impressive traction globally in a very short period of time. We look forward to work with such great entrepreneurs and to provide them not only with capital, but also with an ability to build a global company with lasting power. " said Maurizio Caio, founder and Managing Partner of TLcom Capital LLP.
By building a network of worldwide partners Beintoo aims at attaining an innovative cashless economy, where users can use their virtual wallets to make payments with their virtual currency or Bedollars. In this way, customers will feel rewarded for their engagement and loyalty, and will experience a pleasant, easier and faster way of shopping at their favorite stores.
About Beintoo
Headquartered in Milan, New York and Palo Alto and with 200 million users all around the world, Beintoo is a true loyalty program with a full set of gamification tools - badges, missions, leaderboards, contests, etc. - for mobile and web applications, games and national brick-and-mortar or online retailers.
Beintoo gives value to users' engagement by distributing currency - Bedollars, which can be used for premium offers and real world benefits. Bedollars are meritocratic, global and can be redeemed in the Bestore or in the online stores of Beintoo's retail partners for thousands of appealing offers. In addition to this, Beintoo rewards its users for their engagement and achievements by letting them convert their Bedollars into real cash once they shop on our partner retailers' websites.
Via Beintoo's reward engine, mobile developers can attain deeper user engagement and monetize inside and outside their apps, as they get paid for every Bedollar redeemed by a user. Advertisers and retailers on the other hand, benefit from the most innovative way of engaging with their customers through our customized and defined loyalty programs, maximizing the efficiency of their ad campaigns to reach conversion rates that are high above average.
Due to its global presence, Beintoo is building a worldwide network of online and offline retailer partners and developers that will accept Bedollars and virtual credits as a method of payment. Our goal is to attain an innovative economy where users can earn real value and real benefits from virtual everyday fun, thus change the perception of shopping.
About TLcom Capital
TLcom Capital LLP is a London-based venture capital firm investing since 1999 in Telecom, Media and Technology (TMT) companies across Europe and Israel, with a growing emphasis on entrepreneurs and companies targeting high growth developing economies. TLcom currently manages total commitments of approximately $200 million in these sectors via a series of dedicated primary and secondary investment vehicles.
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