Social cashback integrated platform, :Qounter, has launched a Series A round on equity crowdfunding platform Crowdfunder to enter the US market.
:Qounter is set to “disrupt” the cash back space by enabling businesses to attract not only individuals but also their social network by offering social cash back on both online and in-store purchases. The platform has already successfully launched a proof-of-concept trial in Peru, where it gained more than one hundred thousand users in a span of four months, grabbing the number one startup spot in both traffic and social engagement.
The goal of the crowdfunding campaign is to raise $1.8 million to dominate the social cashback space in the US, leveraging :Qounter’s social platform to drive new customers to participating businesses. :Qounter users sign up for free, and earn cashback each time they, or one of their friends, make a purchase at a :Qounter-affiliated business, both online and in-store, all in real time.
When contacted, a representative of the company said, “Our team has spent three years developing the platform, conducting market research and fine tuning the distribution algorithm and business model. The platform includes web, mobile and SMS channels that makes it easy for the users to check their balance and the effect of friends’ purchases on it. :Qounter successfully balances social influence and privacy to develop an engaging platform that is safe, easy and fun to use.”
He then added, “:Qounter is unique due to its differentiating characteristics. The social cashback is earned passively and there is no clicking on links and spamming friends to earn cashback. This all happens in real time, online and in-store, so you can actually spend your cash back right after purchasing. :Qounter’s revenue is not ad-based so there are no ads within the social platform.”
According to the sources the company is initially planning to target the millennial consumers who represent around 24 percent of the total US population, and hold a purchasing power of up to $600 Billion annually. The amount is likely to grow up to $1.4 Trillion by the year 2020. Sources also confirmed that the focus of the company is to penetrate 14 percent of the target market in the next three years, and the platform would mainly leverage its viralization effect as a social network and focus on national as well as grassroots marketing strategies in key local US markets to target millennial consumers.
The goal of the campaign is to raise $ 1.8 million before the closing date on November 30th. The minimum investment is $10,000.
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