In a round led by Baird Capital, VantagePoint Capital Partners, and Nashville, Tennessee-area investors, edo Interactive has raised $20 million in new funding. The Series E round takes the company’s total capital to more than $93 million.
In addition to the funding, edo Interactive announced a new president and CEO. Souheil Badran will take the helm from Ed Braswell, who founded the company in 2007; Badran remains with edo Interactive as executive vice chairman.
The new funding will be used to speed up development of edo Interactive’ s technology and products, expand sales and marketing, and explore business development and strategic partnerships, such as with Visa Europe, announced October 2014.
Badran previously worked as senior vice president and general manager for World Payments, and SMB of commerce for Digital River. He also served as SVP and general manager at First Data Corporation, VP and GM at VeriSign, and director of commercial banking at Digital Insight. Braswell pointed to this experience in welcoming Badran to the company he founded: ” Souheil has successfully developed global payment solutions and built businesses in the payments and commerce space,” Braswell said. “This expertise, combined with a proven track record of increasing revenues and profits, makes him an ideal match for edo.”
edo Interactive specializes in helping merchants provide personalized offers that are readily available via credit, debit, or mobile device. The company’s card-linked offers platform gives merchants insight into customer behavior and helps make future offers and rewards ever more in line with shopping habits. Edo has more than 200 banks enrolled on its platform, with a total cardholder reach of more than 200 million customers. The company’s more than 500 merchant partners include Whole Foods Market, Crate & Barrel, and The Body Shop.
edo Interactive last appeared on the Finovate stage as part of FinovateSpring 2012 in San Francisco. The company demonstrated its GeoCommerce Offers technology that enables a purchase at one merchant to trigger an offer or reward at another nearby merchant in real-time.