Daily deals aggregator Bownty receives $1.1m in funding aiding expansion plans
Startup daily deals aggregator Bownty has raised $1.1 million in new funding from Danish SEED Capital and Accelerace Invest, a combined startup accelerator and investment programme.
“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.
The cash injection will allow the Danish company to expand its operations across Europe as well as increase consumer awareness. The funding will also go towards enhancing the Bownty product which, at the moment, sources over 2,500 deals from over 100 deal sites such as Groupon, Living Social and Wowcher.
Subscribers to Bownty receive one email matching their deal preferences, stopping inbox overload and irrelevant deals.
Of the investment, David Ventzel, senior management consultant at Accelerace Invest, said: “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.”