Fatshoe Draws Cash From Venture Capital Market
While shrinking online loyalty competitors are announcing rounds of layoffs, Fatshoe this week announced that it has finalized a $6.25 million round of funding.
Espirito Santo Financial Group, Lisbon, Portugal, led the round of Series A financing. Fatshoe, New York, will use the capital in the continuing development of its incentive technologies and to fund international expansion.
"In today's challenging venture capital marketplace, this investment represents a validation of Fatshoe's business model," said Anil Aggarwal, CEO of Fatshoe.
The relationship management technology company touted its business model -- which includes a revenue stream through the licensing of its online loyalty technology -- as an integral key in its ability to draw blood from a stone-cold venture capital market.
Fatshoe also is involved in the development of employee retention programs for online and traditional companies.
Plans for Fatshoe's international expansion will be announced next quarter.