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  • Mall Networks Secures Series B Financing

    October 25th, 2006 No comments

    Mall Networks, the company that connects top online merchants to the universe of consumer rewards programs, recently announced it has completed its second round of private equity funding.  The Venture Capital Fund of New England (VCFNE) led the round with existing backers, IDG Ventures Boston and LBO Enterprises, increasing their initial investments.

    Mall Networks will use its new capital infusion to support ongoing product development and marketing efforts, as well as to accelerate new client acquisition.

    In conjunction with the investment, Carl Novotny, Managing Director at VCFNE has joined Mall Networks’ Board of Directors. Novotny joins Jeff Bussgang, General Partner at IDG Ventures Boston, and Les Otten, Vice Chairman and Partner of the Boston Red Sox, in this capacity.

    Affinity Marketing, Consumer Loyalty and Financial Services Industry Pioneer Carl Novotny Joins Company’s Board of Directors

    “Merchant funded rewards programs, delivered through online malls, present a significant revenue generation and loyalty opportunity by allowing merchants to forge deeper relationships with millions of consumers,” said Dave Andre, President, CEO and co-founder of Mall Networks.  “Mall Networks’ new and existing board members and management team comprise what is arguably the strongest and deepest concentration of experience and talent in affinity marketing and consumer loyalty. We are thrilled to welcome Carl Novotny to our board and look forward to his guidance as we continue to grow our company.”

    Founded in 2005, Mall Networks builds and manages online malls tailor-made for premier partners such as professional sports teams, credit cards and banks, rewards programs, and membership organizations. The company enables these organizations to enhance their blue-chip loyalty programs with an easy-to-navigate online mall through which members earn points with every purchase. National non-profits and charities also benefit from the company’s online fundraising mall, which integrates into existing websites without distracting from their central mission.

    Carl Novotny, who joins the Mall Networks board on behalf of VCFNE, co-founded First USA Partners, a leading independent affinity marketing company in the U.S. in 1992.  Previously, Novotny also co-founded Trans National Financial Services, which pioneered affinity marketing for financial services companies beginning in 1979. During his career, Novotny has developed and marketed affinity and loyalty programs for more than 3,000 member organizations on behalf of several leading banks and credit card issuers, including Bank One, First USA Bank and MBNA America.

    “Merchant funded rewards programs are still rare in the credit card and debit card industries and Mall Networks has developed a turnkey solution that is sophisticated, secure, and specifically engineered to meet the requirements of the most demanding financial services clients,” said Novotny.  “Our investment in Mall Networks is a natural extension of our previous investments in both direct marketing and one-to-one marketing companies and I am excited to join the Mall Networks board as it is poised for what we see as explosive growth.”

    “Through client engagements with blue-chip organizations like the Arizona Diamondbacks, Los Angeles Dodgers, and NASCAR RacePoints, and by forging trusted partnerships with more than 350 of the world’s leading online merchants, Mall Networks has quickly proven its ability to significantly increase the value of consumer loyalty programs,” said Les Otten, an existing board member and early investor.  “Carl Novotny’s addition to the board is another key milestone for the company. His expertise will help Mall Networks accelerate client acceptance of their online malls and further build and enhance customer loyalty for the world’s leading brands through online shopping.”

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