Bownty, the start-up daily deal aggregator, has raised $1.1 million in new funding from Danish SEED Capital and Accelerace Invest, a combined start-up accelerator and investment program. The investment will enable the Danish company, which currently operates across the UK, France, Spain, Germany and Denmark, to expand further across Europe and increase consumer awareness.
Funding will also allow Bownty to further enhance its product; the company currently sources the best of over 2,500 deals from over 100 deal sites every day, including Groupon, Living Social, KGB Deals and Wowcher.
Subscribers receive one daily email that matches their preferences, eliminating the problem of daily deal fatigue caused by inbox overload and irrelevant deals. The service is available online and in an easy-to-use app.
“There has been a lot of skepticism about the future of this industry, but this investment proves that the daily deal market is not dead. We have seen significant growth and I believe there is still huge untapped potential in curating the daily deals marketplace,” says Steffen W. Frølund, Founder and CEO of Bownty.
“We will be targeting several new European markets and developing brand awareness. It’s a very exciting time for the company,” continues Frølund.
David Ventzel, Senior Management Consultant at Accelerace Invest, believes the deal aggregator has huge potential:
“We did not hesitate to invest in Bownty; we are convinced that the company can continue to deliver high growth rates and attractive financial returns.”
“The fast expansion of Bownty from Denmark to the UK, France, Spain and Germany supports our belief that this company represents the future of online2offline commerce,” continues Ventzel.
Source: Press Release From Jasmin Othman