Ibotta


Ibotta is an American mobile technology company based in Denver, Colorado that enables users with its smartphone app to earn cash back on in-store, mobile app, and online purchases with receipt submission, linked retailer loyalty accounts, payments, and/or purchase verification.

History

Ibotta was founded by current CEO Bryan Leach in 2012. Jim Clark is an investor and board member.
As of 2016, Ibotta had received over $73 million in funding. In August 2019, the company announced that it had raised its valuation to $1 billion, following a round of Series D funding. The round was led by Koch Disruptive Technologies, a subsidiary of Koch Industries. The amount of money raised was not disclosed, but followed three rounds of funding that totaled $85 million.
By 2019, it was reported that the Ibotta app had been downloaded more than 30 million times and had given users $500 million in rewards money.
The company partners with brands and retailers to offer rebates and discounts on consumer packaged goods, retail purchases, and restaurant dining through a mobile app, similar to traditional coupons or rebates. Ibotta also has cash back and rebates on alcohol that can be purchased at bars, restaurants, and liquor and grocery stores. Ibotta users must be of legal drinking age, even if the consumer has no intention of purchasing beer or wine, or if they patronize a business that does not sell such items.
The app is available on both iOS and Android devices and is available only in the United States as of October 2016. Ibotta claims to work at over 500,000 locations within the United States. In 2019, the company introduced Pay with Ibotta, a way to pay for purchases using gift cards while receiving cash back rewards.

Notable dates