Billaway, the only company that provides utilities with a reward program that directly reduces customers’ monthly bills at the time of payment, today announced the closing of $1. 1 million seed funding round The Funding Farm led the investment and several prominent Boston-area angels and managers joined The Funding Farm to complete the seed round.
Billaway will use the proceeds to add new team members to several new partnerships. The Billaway Platform is designed to convert a portion of consumer daily expenditure into a direct reduction of utility bills. Utility customers earn credit by shopping at more than 20,000 participating grocery stores, drugs, general purpose stores and online stores using their registered credit, debit and loyalty cards. They then redeem these credits at the time of online payment in order to reduce their monthly bills. Billaway is now empowering loyalty programs for more than 60 energy providers and utilities along with consumers facing the Lyfepoints website and legacy online properties NeighborOil and NeighborPower.
“We are thrilled to have concluded our seed funding round with this exceptional group of investors,” said Paul Harkins, CEO of Billaway. “With this new cash infusion, we will build on our online presence, add new consumer functionality and continue to grow to become a back office loyalty program of choice for leading utilities across the country. “That’s right.
“Billaway has shown great promise in the rewards program area,” said Matthew Willard, partner of The Funding Farm. “Billaway’s revenue and a dedicated user base is growing rapidly and was a natural fit for our investment to focus on early-stage growth companies disrupting legacy business models that are nearing profitability. “That’s right.
The Billaway About
Headquartered in Boston, Billaway is the only company that provides utilities with a customized reward program that directly reduces customers’ monthly bills at the time of payment. Offered as an enterprise solution, Billaway’s platform is designed to convert a portion of consumer daily expenditure into earned credits to be applied to monthly utility bills. Utility customers earn credit by shopping at more than 20,000 participating grocery stores, drugstores and online stores using their registered credit, debit and loyalty cards. For more information, please visit:
