LoyaltyPoint, a provider of loyalty services for a variety of clients, is getting a $4 million infusion of capital.
The Atlanta-based firm says Accel Partners is putting the money into the firm in exchange for stock.
Bud Colligan, a partner in Accel and former chief executive officer of Macromedia, will join LoyaltyPoint’s board. Accel is also an investor in SchoolPop, a LoyaltyPoint subsidiary. SchoolPop is a fundraising company.
“The Accel team has been watching LoyaltyPoint’s progress in expanding the market of fundraising for schools and nonprofits,” Colligan says. “Building on SchoolPop’s strong brand awareness and technology, LoyaltyPoint has built a collection of excellent assets to enable everyday shopping by parents and supporters to help the school or nonprofit of their choice.”
The company said the funds would be used to expand existing relationships and fundraising offerings plus repay debt.
LoyaltyPoint (OTC: LYLP), which holds four patents on its technology, promotes online, store and catalog loyalty programs. It acquired Florida-based One Stop School Shop in June.