Mall Networks Secures Series B Financing from IDG Ventures, the Venture Capital Fund of New England and LBO Enterprises.Affinity Marketing, Consumer Loyalty and Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Industry Pioneer Carl Novotny Joins Company's Board of Directors LEXINGTON, Mass. -- Mall Networks, the company that connects top online merchants to the universe of consumer rewards programs, today announced it has completed its second round of private equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. . The Venture Capital Fund of New England (VCFNE) led the round with existing backers, IDG IDG International Data Group IDG Integrated Drive Generator IDG Installation Design Guide IDG Internet Discussion Group IDG Inset Dielectric Guide IDG International Dangerous Goods (mail, shipping) Ventures Boston and LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). Enterprises, increasing their initial investments. Mall Networks will use its new capital infusion Capital infusion Often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. 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 The Boston Red Sox are a professional baseball team based in Boston, Massachusetts. The Red Sox are a member and currently champions of the Eastern Division of Major League Baseball’s American League. From to the present, the Red Sox have played in Fenway Park. , in this capacity. "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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 MBNA Monument Builders of North America MBNA Mercedes-Benz North America MBNA Maryland Bank, National Association MBNA Maryland Bank North America MBNA Mount Baker Nurses Association (Bellingham, Washington) America. "Merchant funded rewards programs are still rare in the credit card and debit card debit card, card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser's checking account. They can also be used at automated teller machines for withdrawing cash from the user's checking account. 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 "Dodgers" and "Brooklyn Dodgers" redirect here. For the American football team, see Brooklyn Dodgers (football). For the Eastern Basketball Association team, see Brooklyn Dodgers (basketball). , and NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. 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." About VCFNE The Venture Capital Fund of New England was organized in 1982 to provide equity capital and management assistance to emerging growth oriented companies in the areas of industrial and information technology and direct marketing programs. VCFNE IV, its current investment fund, focuses on New England-based companies and has committed capital of $75 million thus far to 25 different venture-backed companies, many of which focus on affinity and loyalty marketing and marketing information services See Information Systems. . For more information, visit www.vcfne.com. About LBO Enterprises LBO Enterprises is an investment firm whose partners include Les Otten, vice chairman of the Boston Red Sox. Otten is the founder and member of the board of directors at American Skiing Company American Skiing Company was one of the largest operators of alpine ski, snowboard and golf resorts in the United States. Its resorts included Sunday River and Sugarloaf/USA in Maine and The Canyons in Utah. , the parent company of several alpine ski, snowboard and golf resorts. Otten is widely considered a marketing visionary who introduced loyalty marketing to the ski industry nearly twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. ago. Otten is also Chairman of Sport Loyalty Systems, which designs, operates, and markets loyalty programs for professional sports leagues  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. and their franchises. About IDG Ventures Boston IDG Ventures Boston is an independent partnership that enables entrepreneurs to grow innovative, global companies. With $280 million under management, the firm is focused on investing in early stage information technology and life sciences companies and is led by a team with more than half a century of combined experience in venture capital. IDG Ventures Boston is affiliated with the IDG Ventures network of funds, a global $1+ billion network of independently managed funds spanning Asia and North America. For more information, visit www.idgvb.com. About Mall Networks Mall Networks uses the power of affiliate networks to build shopping portals tailor-made for affinity organizations such as school districts, non-profits, sports teams, and consumer associations. With more than 350 of the most trusted online merchants, the company enables affinity organizations to enhance their high-quality loyalty programs for their members with an easy-to-navigate online mall through which members earn points with every purchase. Founded in 2005, Mall Networks is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. whose investors include IDG Ventures Boston, the Venture the Venture Capital Fund of New England (VCFNE) and LBO Enterprises. The company is headquartered in Lexington, Mass. with offices in Silicon Valley. Its customers include the Arizona Diamondbacks, the Los Angeles Dodgers, NASCAR RacePoints and Epilepsy.com. For more information go to www.mallnetworks.com. |
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