Secures its own 'real' reward for two years of achievement.
Kiip is the US start-up that gives developers a mobile ad platform through which to monetise their apps. But the difference is that players are rewarded with 'real' rewards (to be redeemed in stores) every time they make a virtual achievement such as a high score.
The firm has attracted big brands such as Disney, Pepsi and Best Buy to its system, which is currently enabled across over 400 apps.
Kiip claims an initial engagement rate of 18 to 22 per cent, and says this jumps to 50 per cent for users who have previously redeemed a Kiip reward.
Now, the firm will kick on with a Series B funding round led by Relay Ventures, with participation from existing Series A investors Hummer Winblad and True Ventures, and others.
The investment will help move Kiip beyond gaming (it's looking at fitness and other verticals) and support the launch of the Kiip app, Kiipsake. This is a mobile rewards wallet that consumers can use to store their Kiip rewards while exploring new apps and games.
"It is an honour to receive this infusion from such a renowned group of investors, with the insight and influence to help the Kiip team lead the charge to bring rewards into everyday life," said Brian Wong, CEO and co-founder of Kiip.