San Mateo-Based FreeMonee Network Raises $34 Million in Second Round

San Mateo, Calif. -- FreeMonee Network, the San Mateo-based developer of a consumer gift incentives program designed to reward customers of particular merchants with digital coupons, said it has raised $34 million in its second round of funding. Charles Ryan, the chairman of UFG Asset Management and former chief country officer and CEO of Deutsche Bank Group in Russia led the round, wich previous backers Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures and Pinnacle Ventures also participating The round comes two years after the company initially raised $11 million. "FreeMonee Gifts are a new class of consumer incentive that will change the economics of advertising forever, marking the death of coupons," said CEO Gadi Maier. "The new funds will help us to expand FreeMonee to even more retailers and broaden programs with top U.S. banks and credit card issuers." FreeMonee Gifts link directly to a consumer's credit or debit card, delivering cash gifts that can be spent on any purchase at designated stores or restaurants. Unlike a coupon, the consumer is free to spend any amount they want. The company launched the service in Sept. 2011.
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