NEW YORK, March 31, 2022 (GLOBE NEWSWIRE) -- First-in-class ad-tech company Prizeout Corp. (Prizeout) announced it has concluded a $25 million Series B fundraising round. The funding was finalized in December 2021, a year after the Series A funding of USD $5 million was completed.
Multiple investors participated in the funding round, including Precept Capital and Mark Cuban, Continental Investment Partners, Astralis Capital, RiverPark Ventures, and Anchor Capital.
Prizeout aims to use the funding to increase the reach of its B2B2C offering, advance product innovation, and strengthen headcount to support growth initiatives.
The funding caps a period of explosive growth for Prizeout. The company has continued to expand globally into multiple industry verticals, including banking, gaming, government, crypto, gig, and more. Prizeout has grown from being live in one vertical in mid-2020 to 11 in Q1 2022. Prizeout is integrated into partners with billions of dollars of transactional volume, with close to $1 billion in balances already being shown to brand offerings on the platform.
Mark Cuban noted, “Prizeout’s solution can be applied across many industries and will bring added value to consumers using digital wallets.”
On the merchant side, Prizeout has secured partnerships with 1,000s of national and local brands through gift card partnerships, point of sales, and proprietary gift card technology. Prizeout uses its ad technology to drive brand adoption and influence consumer behavior by showing the right users the right brands and the right offers. 98% of all merchants shown have received engagement on the platform. Consumers are quickly adopting the opportunity, earning Prizeout 60% QoQ active user growth since 2020.
“We’re thrilled to put our support behind the Prizeout team as their ad-tech product and mission fit squarely with our guiding conviction that payments remain an underinvested and under-innovated category in B2B2C commerce,” said Paul M. Purcell, partner of Continental Investment Partners. “Prizeout is rapidly becoming a crucial piece of fintech infrastructure. We’re excited to share with David and his team our 15 years of experience investing and partnering with entrepreneurs pushing innovation in and around financial services and commerce.”
Tisno Ongarra and Evan Meyer of Astralis Capital shared, “Prizeout is a visionary idea that is aimed at minimizing friction in withdrawal transactions, presenting an elegant gift card alternative that benefits operators, merchants, and customers equally. Astralis Capital is excited to back the leadership and team, with a strong belief that the company is well-positioned to broaden its appeal and applicability to other industries and ultimately establish Prizeout as a household name.”
David Metz, Founder and CEO of Prizeout, comments, “Prizeout’s unlimited potential is evident by the caliber of investors backing our company. The sky’s the limit as we continue to grow in our goal of providing unparalleled user acquisition for our merchants while disrupting the traditional payments industry. I couldn’t be prouder of our team who has worked tirelessly to make this day happen.”
ABOUT PRIZEOUT:
Founded in 2019, Prizeout is a first-in-class ad-tech company that works within the gaming, neobank, crypto, gig economy, payroll & finance industries to turn withdrawals into a growth solution for e-commerce & retail businesses. Through its exclusive partnerships, Prizeout offers users unprecedented access to bonus offers on popular and emerging brand favorites while providing them with a fast, secure and curated experience. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit Prizeout.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/957ab058-cedb-4c7b-8456-04d79c15e268
