Coupon sharing service SnipSnap has landed USD900,000 in angel funding in a round led by MentorTech Ventures and Michael Rubin, CEO of Kynetic. This latest backing brings the startup's total funding to nearly USD1 million to date. The news comes as SnipSnap announces that it has now processed 1 million coupon swaps on its platform and has been downloaded 160,000 times. CEO Ted Mann says the service has 50,000 daily users.
Snipsnap converts printed coupons to digital formats, allowing users to scan in an image of a voucher in a magazine or on a bill receipt and store them in the app for future use. The app uses geo-fencing technology to alert users when they have entered a shop or restaurant where they have coupons to redeem, warns users when they are about to expire and allows for sharing via email and social media.