500friends, a San Francisco, CA-based provider of loyalty and lifecycle marketing solutions, raised $5m in Series B funding.
The round was led by existing investor Intel Capital and new investor Fung Capital, with participation from returning investor Crosslink Capital. As part of the financing, Carey Lai, Director at Intel Capital, and Michael Hsieh, President of Fung Capital USA, will join 500friends’ Board of Directors.
The company intends to use the capital to further develop its platform.
Founded in 2010 by Justin Yoshimura, founder and CEO, 500friends provides LoyaltyPlus, a software-as-a-service marketing solution that enables retailers to deploy loyalty programs.
The platform is used by top retailers including Build.com, Ice.com, Jewelry Television and Shoebuy.com
15/03/2012: 500friends Completes $4.5M Series A Financing