Prices around Thanksgiving and Cyber Monday aren’t the lowest of the season.
Mobile couponing company Samplesaint lands a $250,000 investment
The company will move to Cincinnati from Chicago and hire 10 employees.
Topics: bar codes, Bob Coy, Chicago, Cincinnati, CincyTech, consumer goods manufacturers, investment, Lawrence Griffith, m-commerce, mobile commerce, mobile coupon, Procter & Gamble, Samplesaint, UPC codes
Samplesaint, a company that provides mobile-couponing technology, plans to move to Cincinnati from Chicago this spring, lured east by a $250,000 investment from an economic development group. The company, which incorporated in 2007 and launched its services in late 2009, plans to hire 10 employees.
Samplesaint offers mobile coupons from retailers and consumer product goods manufacturers. Consumers access the coupons from the conventional or mobile Samplesaint web sites, and then redeem the discounts at checkout in bricks-and-mortar stores. Coupons carry UPC codes, the kinds of bar codes typically found in supermarkets and other stores, and cashiers scan those bar codes at checkout, says Lawrence Griffith, the company’s founder and CEO. He says the company works with several retailers and two consumer goods manufacturers, which he did not name.
“I am looking forward to becoming more active in the terrific consumer marketing industry in Cincinnati,” he says. “With companies such as Procter, Kroger, Macy’s, it is a hub of expertise about the consumer mindset. Samplesaint looks forward to finding its place in that ecosystem.”
CincyTech, a public-private development group, made the investment, and will take an equity stake. A spokeswoman for the group, which acts as a venture capital fund but also receives public money, did not know how big the stake is but adds they are typically 5%.
One reason the group made the investment is because Griffith has experience working for branding agencies and consumer goods companies, including as a consultant to Procter & Gamble. “We really liked Lawrence’s experience with large-company business development roles and with agencies,” says Bob Coy, president of CincyTech. “His background is key to showing consumer products companies the value of his technology.”