San Francisco-based Bloomspot, a group buying daily deal site, raises $35 million in Series B round of funding in a round led by InterWest Partners and Columbia Capital. Other investors who participated in this funding round include Menlo Ventures, True Ventures, QED Investors and Harrison Metal as well as individuals including Erik Blachford and Gary Parsons. The company also raised an additional $5 million in venture debt from Western Technology Investment along with this Series B funding.
Co-Founded by Ashish Baldua and Jasper Malcolmson, Bloomspot brings a performance-based offer model to local merchants and provide a platform for customers who seek to discover their next local favorite. It features high caliber restaurants, spas, boutiques and other experiential merchants on its site. The company with offices in Los Angeles, New York, DC, Boston, Chicago, Houston, Atlanta, Denver, Seattle and San Diego, is closing the redemption loop by delivering complete transparency around customer spends and return and guarantees profitable spending levels from their customers. It has integrated its product into the credit card experience, rewarding patrons for their, spend and return levels, and providing customer spending and repeat visit information to merchants.
“The focus is to establish a new model based on merchant profitability and rewarding the best local customer,” says Jasper Malcolmson, CO-Founder and CEO, Bloomspot. The company is recreating the experience of a great customer that receives special recognition from a local merchant because of his or her superior patronage.