News
edo Interactive Secures Equity Funding from Clayton Associates and First Avenue Partners
$8.5M equity investment fuels team growth and expansion of edo Marketing Platform and Facecard® Prepaid MasterCard®
NASHVILLE and SAN FRANCISCO – August 17, 2009 – edo Interactive, a pioneer in digital payment and marketing platforms, today announced that it has secured an $8.5 million equity investment, led by Clayton Associates along with First Avenue Partners. edo will be expanding its board of directors to include Matthew King of Clayton Associates and David Wilds of First Avenue Partners. The company plans to use the capital infusion to accelerate technical development, build out marketing initiatives, and continue expanding the company’s team.
edo Interactive provides the platform that connects savvy buyers and premier global brands. By leveraging pre-existing global payments networks edo offers retailers and brands its marketing channel to target the right offer or message to the right audience, at the right time, ultimately driving purchase behavior. Digital incentives, known as Prewards®, provide a “call-to-action” that moves consumers from browsing to buying online and in physical stores.
In addition to the edo Marketing Platform, edo launched the Facecard Prepaid MasterCard®, issued by MetaBank™, in 2008 as a smart, more efficient alternative to debit/credit cards for teens and young adults. Facecard leverages the edo Marketing Platform, providing Prewards directly to consumers with a goal to yield over $15 of additional purchasing power each month.
Beyond Facecard, edo designs and executes customized affinity card programs for large brands that want to build a one-to-one relationship with their customers. Companies are using edo’s card management platform as a cost-effective, safe and more efficient delivery solution over cash or check distributions to consumers. The platform also includes peer-to-peer gifting, bill payment, integration into social networks, and mobile applications for convenient account management. AENTRA, a leader in open-loop gift card solutions, is using edo’s card program and Preward solutions to deliver universal prepaid gifting cards for weddings, new mothers and other celebratory milestones.
“We have reached a critical inflection point in growth,” said edo CEO Ed Braswell. “We have solidified our Facecard consumer offering and validated the ROI from our marketing platform by creating measurable value for both advertisers and consumers. This round of funding reaffirms the potential of our innovative advertising model and will allow us to expand our team as we scale the business to the next stage of growth.”
“In my view, I believe edo’s platform has been a much needed solution for consumers, for payment card issuers, and for advertisers,” adds David M. Wilds, managing partner of First Avenue Partners. “Consumers are looking for more value from their payment cards and Prewards create that value. Card issuers and processors are looking for innovative ways to increase the value of their portfolios. Prewards incent card holders to spend more and more frequently which improves portfolio economics. Finally, advertisers are looking for cost effective and measurable ways to build brand and drive traffic to their stores. The edo Marketing Platform is the only pay- per-action solution that can measure not only browsing behavior but can measure buying activity at the point of sale.”
About edo Interactive, Inc.
Founded in 2007, edo Interactive is creating a digital incentive marketing platform, connecting brands with consumers. Edo Interactive’s Marketing Platform leverages everyday payment networks to help brands control their digital incentive programs and deliver targeted and relevant promotions. In addition, edo Interactive offers end-to-end card program management services for brands that wish to create a customized card. For more information, please visit www.edointeractive.com.
About Clayton Associates
Clayton Associates is a private equity firm based in Franklin, Tennessee that invests in early stage growth companies and selected real estate ventures. Clayton Associates has more than ten years of private equity experience, with over $100 million in committed capital in four funds. Clayton Associates invests primarily in healthcare related services and technology, but also considers other industries including technology, communications, diversified services, health sciences, and biotechnology. www.claytonassociates.com
About First Avenue Partners
First Avenue Partners is a private equity firm specializing expansion, and late stage investments. It prefers to invest in healthcare services, business, and financial services; transportation, distribution, and logistics; telecommunications; manufacturing; retail and consumer; and healthcare information technology sectors. The firm typically invests in the Midatlantic, Midwestern, Southeastern, and Southwestern United States. First Avenue Partners is based in Nashville, Tennessee.
Contact:
Constance Baker
edo Interactive
(615)297-6080 ext. 160
Constance.baker@edointeractive.com
Diane Schreiber
Sparkpr for edo Interactive
(415) 321-1871
edo@sparkpr.com
