NEW YORK, Nov. 11, 2014 (GLOBE NEWSWIRE) -- MobiSave Corp., an innovative New York-based mobile couponing start-up today announced that it has secured funding in a joint venture with private investment firm Loeb Enterprises to fund its final development and product launch; the joint venture between the two entities will create MobiSave LLC. Loeb Enterprises and its predecessor companies have funded and supported the launch of hugely successful businesses such as Priceline.com, Synapse and ScriptRelief LLC, among others.
"We are incredibly excited to work with a team that is delivering a revolutionary product. mobiSave's proprietary receipt scanning technology will, for the first time, seriously challenge the paper coupon industry by delivering superior reach, greater flexibility and a cost-efficient method that will save consumer packaged goods manufacturers millions of dollars in distribution costs," said Michael Loeb, Founder and CEO of Loeb Enterprises.
mobiSave is a mobile app that enables shoppers to scan their grocery receipts and receive cash rewards for purchasing specific brands. The company filed for a patent in 2009 on their receipt scanning technology and has already completed a successful beta test run of their mobiSave system.
mobiSave's unique technology enables shoppers to receive near-instant gratification with an average turnaround time of less than two minutes from submission of receipt images to notification of rewards payment. There are no minimum balances required to redeem rewards and no inactivity fees assessed on member balances.
"The data intelligence opportunities for consumer packaged goods brands working with mobiSave are expansive. For marketers who are struggling to determine the ROI of their digital and mobile investments, mobiSave enables them to continually optimize their coupon program to find their most profitable targets, convert them, and ultimately build brand loyalty," said mobiSave CEO David Florence, who has years of experience in the direct and database marketing industry.
mobiSave's fully-automated system offers manufacturers the lowest cost-per-redemption of any competing digital or mobile system, far lower than traditional paper-based coupons.
"We built the ideal pay-for-performance system for CPG marketers because we understand manufacturer needs at a depth that few others have brought to the space," said mobiSave President Steven Marcus, who has past experience as a brand marketer.
"Loeb Enterprises is privately held and well-resourced. We are confident that we will be committed to mobiSave for the long haul," said Loeb.
mobiSave will execute a soft launch in late 2014 prior to launching nationally in early 2015. mobiSave expects to rapidly become the dominant player in the mobile-couponing space, and hopes to build a user base of millions across the country.
About MobiSave LLC
MobiSave LLC is an intelligent mobile marketing system connecting consumer packaged goods brands directly to consumers. mobiSave's unique technology enables shoppers to scan their grocery receipts and receive near-immediate cash rewards for purchasing specific brands. Through mobiSave, CPG brands will receive the lowest cost-per-redemption of coupons and can use the unique data intelligence opportunities for a variety of strategic purposes. For more information about mobiSave, visit www.mobisave.com.
About Loeb Enterprises
Founded in 2006, Loeb Enterprises is a privately-funded investment firm and start-up incubator built and led by veteran entrepreneur Michael Loeb. The firm pairs seasoned entrepreneurs with experienced marketing professionals and technologists to launch disruptive and scalable consumer marketing businesses of enduring value. Past successes of the Loeb Enterprises team include Synapse Group, Priceline.com and presently, Script Relief, LLC. For more information about Loeb Enterprises, visit www.loebenterprises.com.