Billaway, the only company that provides utilities with a rewards program that directly reduces customers’ monthly bills at the time of payment, today announced the closing of a $1.1 million seed-funding round. The Funding Farm led the investment and several prominent Boston-area angels and management joined The Funding Farm in completing the seed round.
Billaway will use the proceeds to add new team members and execute on several new partnerships. The Billaway platform is designed to convert a portion of a consumer’s everyday spending into a direct reduction of utility bills. Utility customers earn credits by shopping at more than 20,000 participating grocery, drug, general purpose and online stores using their registered credit, debit and store loyalty cards. They then redeem those credits at the time of online payment to reduce their monthly bills. Billaway today powers loyalty programs for more than 60 energy providers and utilities along with the consumer facing website Lyfepoints and legacy online properties NeighborOil and NeighborPower.
“We are thrilled to have closed our seed funding round with this exceptional group of investors,” said Paul Harkins, CEO of Billaway. “With this new infusion of cash, we will build out our online presence, add new functionality for consumers and continue our growth to become the back office loyalty program of choice for leading utilities nationwide.”
“Billaway has shown great promise in the rewards program space,” said Matthew Willard, partner of The Funding Farm. “Billaway’s revenue and engaged user base is rapidly growing and was a natural fit for our investment focus on early stage growth companies disrupting legacy business models who are nearing profitability.”
Headquartered in Boston, Billaway is the only company that provides utilities with a customized rewards program that directly reduces customers’ monthly bills at the time of payment. Offered as an enterprise solution, Billaway’s platform is designed to convert a portion of consumers’ everyday spending into earned credits to be applied to monthly utility bills. Utility customers earn credits by shopping at more than 20,000 participating grocery, drug and online stores using their registered credit, debit and store loyalty cards. For more information, please visit: www.Billaway.com.
About The Funding Farm
The Funding Farm brings business, products and ideas together with investors from Rural America. Don’t be fooled…corn farmers in South Dakota, Iowa and Minnesota generate billions of dollars in wealth each and every year and they want to see new ideas, products and companies GROW! The Funding Farm is owned by its members who are accredited investors from Rural America who want to turn concepts into reality, start new businesses and grow existing businesses. Through its member owners, The Funding Farm has access to funding and expertise that can help its clients be successful. Please visit: http://thefundingfarm.com/
Meredith Frazier, 617-713-3800