Swagbucks, a Web-based rewards community, and its parent company, Prodege, announced its first external capital round with a direct investment of $60 million from Technology Crossover Ventures. Swagbucks and Prodege executive chairman Chuck Davis will add the role of chief executive officer, while founding CEO Josef Gorowitz becomes president.
Swagbucks rewards its members for everyday Web discovery activity—including searching, shopping, entertainment, discounted offers, surveys and games—delivering a platform for brands, advertisers and marketers to establish valuable relationships with motivated consumers. The company, which has distributed over $60 million in free gift cards to consumers since its 2008 founding, offers gift cards from over 300 e-commerce stores including Amazon, Wal-Mart, Target, Starbucks and Paypal. Swagbucks has been profitable since 2010 and had $53 million in 2013 revenues, up 51% from 2012.