Lockerz grabs $30 million in additional funding
By Seattle Business Magazine April 13, 2011
Seattle-based, youth-oriented Lockerz has secured $30 million in additional financing, according to an SEC filing. The money comes from several sources, including the Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers and former Microsoft CFO Greg Maffei. Lockerz hopes to raise an additional $15 million, bringing total new financing to $45 million.
The company aims to reward generation-Z, defined as people born between 1992 and 2010, for its online activity. Users gain points for sharing videos and content or shopping at online retailers. Eventually, those points (or PTZ) are redeemable for other prizes.
CEO Kathy Savitt, who worked previously at Amazon and American Eagle, recently told GeekWire that her site attracts 37 million unique visitors monthly and has more than 18 million users. Savitt projects those figures will grow as the site integrates with Facebook in the coming weeks.
Though just two years old, Lockerz now boasts 70 employees and had already secured $30 million in funding from Kleiner Perkins Caufield & Byers. The company recently added former Amazon executive Mark Stabingas as chief operating officer.