Mountain View, Calif. – Offermatic, the developer of a free
online service that automatically targets consumers with money-saving rebates
from retailers, said on Thursday it has raised $4.5 million in its first round
of funding, led by Kleiner Perkins Caufield & Byers.
including Ron Conway, former AdMob CEO Omar Hamoui and early executives from
Facebook and Mint.com also participated.
The Mountain View, Calif.-based company
plans to use the proceeds to build its team and expand its services for
consumers and retailers.
"People want to save money, and retailers want to
reach new and existing customers with better precision," said founder and
CEO Faisal Qureshi.
"Now, consumers will receive true hyper-targeted
offers to this market, creating a win-win for consumers and retailers
Launched in beta in December, Offermatic automatically delivers
personalized savings to consumers, who link existing credit and debit cards to