Customers have saved more than $6.5m so far.
Location-based marketing and coupons have proved popular with mobile users with platforms such as Groupon and O2 More boasting millions of users.
US-based Yowza was founded by 'Heroes' actor Greg Grunberg (telepath Matt Parkman) in 2009, and the $1.5 million secured marks the firm's first round of funding, according to VentureBeat.
The iOS and Android app allows users to search for shops that provide coupons and discounts within a radius of one to 50 miles away. To redeem the offers users need to show the coupon to the cashier and get the barcode scanned.
Thousands of companies including McDonalds and Crocs have signed up to the Yowza platform, which costs each store $89 on a monthly basis and Grunberg expects the number of businesses to rise across the year.
Once businesses have signed up with Yowza, they have full access and control of the deals they want to make available for customers. Additionally, the companies can keep track of user activities.
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Yowza CEO David Teichner claims the firm isn't too far from profitability with its current business strategy. The company currently has 11 members of staff and claims to have saved shoppers more than $6.5 million so far.
During the interview with VentureBeat, Grunberg says: "There is room for Foursquare, ShopKick and plenty of others. Those guys are in the gaming business as far as I’m concerned, because you have to check-in, accrue points … click like buttons, etc.
"My wife and I have three kids, so when we’re at a store we want to pull up a coupon and use it. That’s it."
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