Fatshoe Incentive Systems Inc. has found an oasis in the venture capital desert.
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.
