Social Rewards, a Torrance, CA-based social loyalty platform, has closed a $600k angel funding.
Two thirds of seed round was funded by members of Tech Coast Angels, including the TCA ACE Fund. Other backers include Jeff Lapin, Stuart Larkins, Kelly Perdew, Mi Ventures, and K5 Venture Partners.
Many of the angel funding introductions were facilitated via AngelList.
Self-funded for a year with $250,000 from founders Joseph Morin and Mike Uesugi. Social Rewards combines social media, affiliate marketing, and loyalty rewards to help companies identify brand advocates and increase social engagement. It provides brands’ customers with loyalty points for engaging in social media activity via Twitter, Facebook, Foursquare, and YouTube. Points may be earned, deposited, redeemed, donated, or transferred into a “bank” built on the Social Rewards platform.
The platform, which is now available in the United States and Japan, provides full analytics reporting of brand mentions, clickthroughs, retweets, shares, and sales conversions through an administrative dashboard. In addition to travel and hospitality, Social Rewards has now immediate plans to roll out to new markets and industries including entertainment and consumer product sectors.
Incorporated in March of 2010, Social Rewards currently has 8 employees.