Welcome!

News Feed Item

Swagbucks Appoints Chuck Davis as CEO, Raises $60 Million from Technology Crossover Ventures

Swagbucks (swagbucks.com), the web’s leading rewards community – and its parent company, Prodege LLC – announced its first external capital round with a direct investment of $60 million from Technology Crossover Ventures (TCV). Swagbucks and Prodege executive chairman Chuck Davis will add the role of chief executive officer while founding CEO Josef Gorowitz becomes president.

Swagbucks CEO Chuck Davis (Photo: Business Wire)

Swagbucks CEO Chuck Davis (Photo: Business Wire)

Swagbucks rewards its members for everyday web discovery activity – including searching, shopping, entertainment, discounted offers, surveys, and games – delivering a robust platform for brands, advertisers, and marketers to establish valuable relationships with motivated consumers. The company has distributed over $60 million in free gift cards to consumers since its 2008 founding. Swagbucks offers gifts cards from over 300 ecommerce stores including Amazon, Wal-Mart, Target, Starbucks, and Paypal.

“Swagbucks first caught my interest in 2012 when I observed their impressive, entrepreneurial growth and diversified revenue model,” said Davis, who joined Swagbucks as executive chairman in January 2013. “Swagbucks has always put the consumer first by helping households get a little extra back and I am proud to build on that wonderful mission. Furthermore, bringing in TCV as the company’s first strategic investment partner and building on their experience in scaling leading digital brands is a good fit for Swagbucks and its profitable business.”

Davis was chairman & CEO of Fandango, the leading online movie ticket and entertainment site. While there, Davis oversaw its mobile launch and expansion making Fandango one of the most popular mobile ecommerce sites online. Comcast Corporation purchased Fandango in 2007. Previously, Davis was president & CEO of Shopzilla (formerly BizRate) through its $525 million sale to the E.W. Scripps Company. Davis currently is a venture partner at Technology Crossover Ventures and serves as executive chairman at The Teaching Company.

Additionally, Davis serves as a director at Boingo Wireless, is the immediate past international chairman of the Young President’s Organization, and is an entrepreneur in residence at Harvard Business School. Davis had prior executive stints at The Walt Disney Company (president, E-Commerce), News Corporation’s TV Guide, and Time Warner in addition to serving on the Brown University Corporation and the ecommerce industry’s Shop.org board of directors.

“TCV strives to back great entrepreneurs, providing tremendous value to online customers,” said Jay Hoag, founding general partner at Technology Crossover Ventures. “We are delighted to be investing behind him again, as he takes the helm at Swagbucks and builds upon the great work done at the company to date.”

Swagbucks has been profitable since 2010 and had $53 million in 2013 revenues, up 51% from 2012.

“Swagbucks has built a strong and successful business in a relatively short period of time,” said founder and president Josef Gorowitz. “We are thrilled to welcome two proven new additions to the team with Chuck and TCV as we strategically scale Swagbucks to new heights in the years ahead.”

About Swagbucks

Swagbucks.com is the web’s leading rewards discovery community and top provider of free gift card awards for everyday digital life, helping consumers stretch their household budgets. Headquartered in El Segundo, California under Prodege, LLC, Swagbucks is the original digital rewards currency for a wide variety of online activities including shopping, entertainment, surveys, discounts, games, search and more.

About TCV

Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 18 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, Groupon, HomeAway, Netflix, RealNetworks, Redback Networks, RiskMetrics Group, Sitecore, Splunk, Spotify, Thinkorswim, and Zillow. TCV is headquartered in Palo Alto, California with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit www.tcv.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Codigm is based on the cloud and we are here to explore marketing opportunities in America. Our mission is to make an ecosystem of the SW environment that anyone can understand, learn, teach, and develop the SW on the cloud," explained Sung Tae Ryu, CEO of Codigm, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
High-velocity engineering teams are applying not only continuous delivery processes, but also lessons in experimentation from established leaders like Amazon, Netflix, and Facebook. These companies have made experimentation a foundation for their release processes, allowing them to try out major feature releases and redesigns within smaller groups before making them broadly available. In his session at 21st Cloud Expo, Brian Lucas, Senior Staff Engineer at Optimizely, discussed how by using ne...
"CA has been doing a lot of things in the area of DevOps. Now we have a complete set of tool sets in order to enable customers to go all the way from planning to development to testing down to release into the operations," explained Aruna Ravichandran, Vice President of Global Marketing and Strategy at CA Technologies, in this SYS-CON.tv interview at DevOps Summit at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
Data scientists must access high-performance computing resources across a wide-area network. To achieve cloud-based HPC visualization, researchers must transfer datasets and visualization results efficiently. HPC clusters now compute GPU-accelerated visualization in the cloud cluster. To efficiently display results remotely, a high-performance, low-latency protocol transfers the display from the cluster to a remote desktop. Further, tools to easily mount remote datasets and efficiently transfer...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"We're developing a software that is based on the cloud environment and we are providing those services to corporations and the general public," explained Seungmin Kim, CEO/CTO of SM Systems Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.