Colorado’s only tech unicorn is one that wants to kill traditional coupons. It’s nothing personal of course, but rather a shift toward an app-based system that offers cash back when shoppers buy anything from burritos to groceries.
Ibotta, a Denver-based payments company just raised an undisclosed nine-figure Series D led by Koch Disruptive Technologies. The company is now valued at $1 billion. The startup offers a coupon alternative for consumers that want to save money and get cash back rewards. Users of the Ibotta app can shop at places like Uber, Chipotle, Whole Foods, among others and get cash back rewards for each transaction.
Bryan Leach, founder and CEO of Ibotta told me that its “trying to put the paper promotions business out of business.” In addition to offering cash back awards, Ibotta lets users purchase using those rewards through their own app.