Ideosource co-invests in Gimmie, will help expand its loyalty solutions in Indonesia

GimmieGimmie announces the completion of its latest funding round with the addition of co-investors Ideosource and NRF.

Gimmie announced in October last year that it has raised S$589,000 in a round lead by WaveMaker Labs. Today, an update from the loyalty software provider for mobile and online publishers announced the completion of the round of S$639,000. This includes the addition of Jakarta based co-investor Ideosource, who will assist Gimmie in expanding its footprint in Indonesia and Singapore’s National Research Foundation (NRF).

The company, originally based in Silicon Valley, helps publishers reward their top users with localised rewards. This is together with providing an online, real-time portal to manage the program.

In the press release, Gimmie’s CEO David Ng said, “This funding solidifies Gimmie’s commitment for the Asia market where we feel our loyalty solutions can offer new revenue streams for our partners. Using Singapore as our global business hub our first stop is Indonesia, as we embark on expansion across Asia in 2012.”

“WaveMaker is excited to lead this investment round in partnership with NRF. As more publishers produce free content, online and on mobile, monetization and retention, combined with lower user acquisition costs, will be the key to survival. Gimmie’s software platform addresses this problem while creating delight through enhanced user experience. With the mobile internet penetration poised for a quantum leap, across Asia, in the next few years, Gimmie is well placed to harness this untapped opportunity and become the leading provider of customized loyalty solutions for digital media businesses, in the region. We look forward to working with the Gimmie team and our co-investor Ideosource, in achieving this long term vision.” says Debneel Mukherjee, Managing Partner of WaveMaker Labs.

David was previously the business development director at ChinaCache, a content delivery network market leader in China. Prior to this round, Gimmie has raised S$300,000 in angel funding from US investors.

Joash Wee

Joash is passionate about tech startups and building the technopreneur community. While completing his undergraduate business degree, he decided to take a programming class just for kicks. Fortunately for him, he managed to scrap a pass and it now helps him get by with the geek talk. When he is not discussing about startups or the latest technologies, you can find him reading off his Kindle or taking photos with silver halide salts, old school.

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