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Mall Networks Helps Connect Consumer Rewards Programs to Hundreds of Top-Brand Online Retailers
Mall Networks, a New Company Funded by IDG Ventures Boston, Launches Online Shopping Malls for Leading Rewards Programs
NASCAR RacePoints(SM) First Customer to Offer Online Shopping Mall to Fans
LEXINGTON, Mass. - March 13, 2006 - Mall Networks, Inc., the company that connects top online retailers to the universe of consumer rewards programs, today unveiled its industry-leading online shopping mall platform developed specifically for affinity rewards programs. In conjunction with today’s launch, the company announced the close of its first round of funding from IDG Ventures Boston along with significant customer news including agreements with NASCAR RacePoints(SM) and Sports Loyalty Systems (see press release).
Founded by e-commerce veteran Dave Andre, Mall Networks has brought over 250 of the most trusted online retailers including Lands’ End, Teleflora, Overstock.com and Travelocity® into one, easy-to-navigate online mall. Mall Networks customizes this mall for loyalty programs so they can increase member loyalty by providing a one-stop shopping mall where members can earn points for all of their purchases. Mall Networks has also developed an online fundraising mall that assists schools and notable non-profits like Epilepsy.com raise much needed funds year-round at no cost to their supporters.
“Any rewards program of meaningful size needs to have an online mall as part of their core offering to participants,” said Dave Andre, President and CEO of Mall Networks. “Online shopping is currently worth over $100 billion per year, and growing at an annual rate of over 20%. Program participants are making purchases every day that could strengthen their bond with their affinity organization. We are thrilled to have NASCAR RacePoints as one of our first partners because our online mall connects the fastest growing major sport with the fastest growing retail channel.”
Mall Networks Powers NASCAR RacePoints Online Mall
NASCAR RacePoints(SM), the official rewards program of NASCAR, is the first fan loyalty program to offer its participants an online shopping mall using Mall Networks. At the NASCAR RacePoints Online Mall (http://emall.racepoints.nascar.com), fans can now earn points towards rewards when they shop at over 250 top-brand online retailers such as Nascar.com Superstore, The Home Depot and Office Depot.
“In addition to our earning opportunities from official NASCAR partners, Mall Networks has brought hundreds of online merchants into our rewards program with the flip of a switch,” said Thorp Foster, president of NASCAR RacePoints. “It’s essential to have a partner like Mall Networks who coordinates all the rewards transactions between these hundreds of online merchants and our hundreds of thousands of NASCAR RacePoints participants. The Mall Networks platform has integrated seamlessly into our points tracking platform.”
Funding and Management Team
Mall Networks recently closed a Series A round of funding led by IDG Ventures Boston. Jeff Bussgang, general partner at IDG Ventures Boston has joined the company’s board of directors.
“I am thrilled to have the opportunity to work with Dave and his team at Mall Networks,” said Bussgang. “With a management team that includes veteran loyalty program, e-commerce and Internet portal executives, and an impressive early customer list, Mall Networks is well positioned to become the leading provider of an online shopping loyalty platform.”
Mall Networks is run by two of the leading experts in the e-commerce industry. Founder and CEO, Dave Andre was the founding CTO at Upromise, the largest coalition loyalty program in the US and before that was Vice President of Engineering at Lycos. Kimathi Marangu, Mall Networks’ EVP of Business Development, was Vice President and GM eCommerce of Schoolpop, the largest online school fundraising company that rewards shoppers by donating rebates to their school of choice. Following his tenure at Schoolpop, Kimathi ran a boutique consulting business whose clients included the online Apple Store and Teleflora.com.
“In my experience, consumers appreciate receiving merchant offers that are tailored specifically to them - not to mention the rebates. It’s a relationship that works for everyone concerned. At Mall Networks we’ve taken that idea and built a platform out of it - connecting many rewards programs with many merchants,” said Marangu.
About NASCAR RacePoints(SM)
NASCAR fans can join NASCAR RacePoints, the Official Rewards Program of NASCAR, and be rewarded for their loyalty to the sponsors of the sport. Currently, MBNA America Bank, Enterprise Rent-A-Car, XM Satellite Radio, CENTRIX Financial, Goody’s, Home123 Corporation, Jackson Hewitt, and the Official NASCAR Members Club are issuing NASCAR RacePoints. Additional issuing partners will be announced periodically, and an up-to-date list can always be found on the NASCAR RacePoints website. Fans can join NASCAR RacePoints for free by going to www.nascar.com and clicking on NASCAR RacePoints.
About NASCAR
The National Association for Stock Car Auto Racing, Inc. (NASCAR), which began in 1948, is the sanctioning body for one of America’s premier sports. NASCAR is the #1 spectator sport - holding 17 of the top 20 attended sporting events in the U.S., the #2 rated regular-season sport on television with broadcasts in over 150 countries, and has 75 million fans that purchase over $2 billion in annual licensed product sales. These fans are the most brand loyal in all of sports and as a result, more Fortune 500 companies participate in NASCAR than any other sport.
NASCAR consists of three major national series (NASCAR NEXTEL Cup Series, NASCAR Busch Series and the NASCAR Craftsman Truck Series) as well as eight regional series and one local grassroots series. NASCAR sanctions 1,500 races at over 100 tracks in 38 states, Canada and Mexico. Based in Daytona Beach (Fla.), NASCAR has offices in Bentonville (Ark.), Charlotte (N.C.), Concord (N.C.), Conover (N.C.), Los Angeles, New York, Mexico City and Toronto.
About IDG Ventures Boston
IDG Ventures Boston is a leading venture capital firm focused on investing in early-stage information and healthcare technology companies. With $280 million under management, the firm is an independent partnership making investments on behalf of its limited partners. The fund is affiliated with IDG Ventures, a global $1 billion network of funds spanning Asia, Europe and North America. International Data Group, the world’s largest IT media, research, and event company, is the flagship limited partner for IDG Ventures Boston. Through the IDG global network, IDG Ventures Boston is able to uniquely add value to its portfolio companies by facilitating revenue acceleration and global expansion and establishing relationships with key strategic partners. For more information, visit www.idgventures.com.
About Mall Networks
Mall Networks is the leading provider of online malls and loyalty shopping solutions that increase revenue, strengthen customer loyalty and improve member engagement for financial institutions, card issuers, loyalty programs and affinity organizations. Featuring an integrated network of more than 500 world-class merchants, Mall Networks’ flexible, on-demand platform powers personalized, easy-to-use online shopping portals for more than 25 million consumers. Industry leaders including JPMorgan Chase, Upromise, Spirit Airlines, NASCAR, Shop.org and First Equity rely on Mall Networks to build loyal, profitable customer relationships. Mall Networks is headquartered in Lexington, Mass. For more information, visit www.mallnetworks.com.
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Press Contact:
IDG Ventures
Kate Castle
617-534-1228
kcastle@idgventures.com
Amy Paladino
PalPR
amypal@comcast.net
781.772.1005
NASCAR RacePoints
Eric Montague
978-468-8928
eric.montague@mullen.com
NASCAR PR
Kerry Tharp
704-348-9730
ktharp@nascar.com
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