Pretio Interactive is pleased to announce that it has received funding from two top venture capital firms to support the growth of its business. The investment by Ottawa-based Wesley Clover International and Vancouver’s Yaletown Venture Partners marks the latest in a series of significant milestones for the Victoria-based company. Founded as RewardsDen in early 2012, Pretio was accepted into two of Canada’s leading entrepreneurship accelerators – Accelerate Tectoria and the Alacrity Foundation – where it honed its unique offering and brought new members into the team.
Its proprietary platform connects valuable user actions – such as social sharing, commenting and revisiting – with targeted, real world rewards from top brands – such as 1-800-Flowers, TOMS and SkyMall – giving publishers a robust engagement tool without the liability of a rewards catalogue. In its first year, Pretio’s 4 million users experienced 100 million reward moments across its network of North American partner websites.
“We are particularly pleased to make this investment in Pretio as it represents the essence of my philosophy of entrepreneurship: Customer-led innovation, multi-disciplinary teams and lean deployment,” said Sir Terence Matthews, Wesley Clover Chairman. “I have personally watched the team for some time and look forward to helping them leverage the Wesley Clover group’s network of companies and customers for even greater success.”
Brad Johns, Partner with Yaletown Venture Partners, said, “The Pretio team has done a great job building a compelling platform in a sector that is seeing significant growth. Most importantly, they have already attracted solid publishing and brand customers and demonstrated real value to their users. Yaletown is excited by this space and this team.”
Victoria-based entrepreneur, Tyrone Sinclair, along with UVic students, Alim Jiwa and Rob O’Dwyer, founded Pretio. Pretio board member, Jim Hayhurst, has been named President of the company as it enters its growth phase.
“We are grateful for the confidence that both Wesley Clover and Yaletown have shown in our team,” said Hayhurst. “This investment will allow Pretio to expand our sales activities, refine our most profitable services and attract more great people to build our company with the velocity that comes from the deep experience of such shareholders.”