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Lockerz.com raises $36 million in a funding round
Consumers earn retail discounts for watching videos, completing polls and other tasks.
Lockerz.com, an e-commerce and advertising site that focuses on consumers aged 13 to 30, said today it had raised $36 million in a funding round, the company’s third.
The funding came from DAG Ventures, Live Nation Entertainment, Kleiner Perkins Caufield & Byers and Liberty Media Corp., No. 8 in the Internet Retailer Top 500 Guide. Liberty subsidiary Liberty Interactive owns 43% of Lockerz.com, an invitation-only site that offers social networking, games, music and videos.
“The funding will support Lockerz’ mission to be the homepage for Generation Z, which includes our rapid membership growth and aggressive development of innovative site features to engage and reward our members for what they love to do online,” says Kathy Savitt, founder and CEO of Lockerz.
Lockerz say it could raise up to $45 million in its Series C funding round. The company says it attracts some 45 million monthly unique visitors, who earn reward points for watching videos, listening to music, taking part in polls and bringing friends to the site. Site visitors then can use the points, called PTZ, for discounts on retail goods such as apparel, music and video games offered for sale through the site.