500friends raises $5 million in Series B funding round

Boston, MA 03/13/2013 (wallstreetpr) – Startup 500friends, which enables retailers to acquire and retain high value customers, has raised a $5 million in its Series B round of funding.

The financing was led by existing investor Intel Capital and Fung Capital, the new investor, along with participation from returning investor Crosslink Capital.

The startup said it will use the funds to further improve the omni-channel capabilities of its LoyaltyPlus – a platform that enables retailers to deploy next-generation loyalty programs and make traditional transactional loyalty programs relevant.

Founded in 2010, 500friends is a US-based company which offers loyalty and lifecycle marketing solutions. It works with more than 40 top retailers, including Build.com, Ice.com, Jewelry Television and Shoebuy.com.

As part of the financing, Carey Lai, Director at Intel Capital and Michael Hsieh, President of Fung Capital USA will join the 500friends Board of Directors.

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