Amplifier led a $1M Series A financing in CardStar, which had its final closing at the end of March 2010. CardStar is a graduate of the Amplifier Business Accelerator Program. The financing was lead by Amplifier, and included Acta Wireless and LaunchCapital. Amplifier provided the initial seed capital to CardStar in 2009.
CardStar has experienced tremendous growth since its launch and is now the most often used mobile loyalty application in the world. It is actively used in all 50 U.S. states and in 156 countries worldwide. The proceeds of the financing will be used to launch versions of its application in Android and Blackbery, to accompany its popular iPhone application and to support an expanding list of strategic relationships.
“We are very happy with CardStar’s progress,” stated Jonathan Aberman, Managing Director of Amplifier. “Its explosive growth shows how good entrepreneurs can create viable businesses with a combination of hard work, vision and the right kind of help. CardStar is a great example of the kinds of companies we back and the quality of the entrepreneurs who run our portfolio companies.”
CardStar’s application makes it easy for users to consolidate all of their loyalty, reward and membership cards in a single place for easy retrieval. CardStar also offers mobile loyalty services for merchants of all sizes, including merchant messages and information as well as mobile coupons.
“Amplifier Ventures shares our vision for the future of mobile and loyalty cards, and we’re very appreciative of their support to deliver a globally engaging application,” said Andy Miller founder and CEO of CardStar. “The Amplifier Business Accelerator Program has helped position CardStar to make major advancements in the mobile space while in its bootstrapped stage. We couldn’t ask for a better partner.”
The Amplifier Business Accelerator Program provides to selected entrepreneurs — in a short and focused period – high-impact knowledge, contacts and experience so that their businesses are more likely to succeed in the prevailing economic environment. Graduates are be poised for further growth and heightened appeal for capital investment, as needed. The Program, which provides participants with many of the advantages of venture capital involvement in a business, adds additional benefits not usually associated with a venture investment – intensive and active participation in business planning and execution, access to structured educational programs and free exchange of experiences and information among the participating entrepreneurs, mentors and other participants in the program.