Incentive Targeting, a Woburn, Mass.-based provider of an interactive self-service Web-based application to create, manage, and measure the effect of promotional campaigns across a network of grocery retailers, closed a $2.35m Series A funding round.
Investors include funds, such as Hub Angels fund and LaunchCapital as well as a number of individual investors and executives in the grocery retail industry. The angel group syndicate, coordinated by River Valley Investors of South Hadley, Mass., also included Walnut Ventures, Hub Angels, North Country Angels, Boston Harbor Angels, Northeast Angels, Granite State Angels and Boynton Angels.
The system proposed by the company has recently gone live at its first grocery store chain, with 20 consumer packaged goods and grocery product manufacturers participating in distributing promotions through that chain. Several more chains are in the process of integrating with the Web-based application to offer promotions to their shoppers.
The company will use the funds to complete these integrations, as well as to increase its sales capacity, product development and general operations.