Chockstone Closes $14 Million in Series B Venture Capital Funding
Chockstone, Inc., provider of the world’s most innovative customer-loyalty and stored-value solutions, announced recently that it has closed on a total investment of $14 million in its Series B round of funding. The capital has been supplied by private investors and will be used to expand the company’s capacity to deploy its industry-leading customer-loyalty programs.
Chockstone is building customer loyalty and profitability programs for leading national retail brands such as Subway and Ticketmaster, as well as strong regional retailers including Tully’s Coffee, Plaid Pantry, and Carlson Restaurant Worldwide’s Pick Up Stix chain. As part of its solution set, the company processes and analyzes cardholder transactions for approximately 30,000 retail locations.
“Processing a transaction for a retailer is a commodity business, but using the data captured to efficiently allocate marketing and promotional budgets is what leading retailers are seeking to gain an advantage,” said Chockstone CEO and President Jeffrey Lipp. “Our investors have recognized that Chockstone is unique in its ability to drive incremental profitability for its clients.”
Chockstone also announced the addition of Mark Gerson to its Board of Directors. Gerson is the co-founder and Executive Chairman of Gerson Lehrman Group (GLG). GLG serves most of the world's major institutional investment firms and many corporations by providing them with systems to manage expert consulting and access to the Councils of Advisors, a network of over 150,000 experts.
“Chockstone does a remarkable job tailoring customer loyalty programs that directly result in increased profitability for its clients. Chockstone clients are able to see their marketing budgets become direct and measurable profit centers. This, combined with Chockstone's people, technology, clients and financial strength make it the kind of company with which anyone would be excited to be involved. I am delighted and honored to be on its board,” Gerson said.
“Mark is a tremendous addition to our board,” said Lipp. “His operational expertise and strategic vision have been invaluable in his capacity as a Chockstone investor, and we look forward to benefiting from them even more in his new role as a Director.”
Chockstone provides the most flexible and innovative stored value solutions available to merchants today. Designed to increase customer loyalty and drive profitability, Chockstone’s programs are used by leading brands in the retail, restaurant, and convenience store markets. Headquartered in Portland, OR, Chockstone, Inc., is a privately held corporation.
For more information, please visit www.chockstone.com