WealthTech

360incentives.com, the way incentives should be, announced $7.65 million funding

Candela LabsSr. Marketing Manager (Digital Marketing & Branding)

Anybody who has submitted a rebate knows the frustration of jumping through hoops to get some promised money back from a purchase. That usually involves compiling the original sales receipt, followed by cutting out the UPC symbol from a package, filling out a form and mailing the packet. Only to wait at least a couple of months to receive the promised reward. It's a frustrating procedure that can leave a bad impression about the company offering the rebate. 360 Incentives provides a highly flexible software as a service (SaaS) platform which enables manufacturers and distributors to create, measure and manage all of their incentives programs such as sales spiffs or rebates in real time with 100% auditing and fast pay-out of claims.

360 Incentives named by Deloitte as "Technology Fast 50 Company” was founded in 2008 by CEO Jason Atkins. In January 2013, 360incentives announced a new funding round of $7.65 million, led by OMERS Ventures and including Klass Capital and Round 13 Capital. This is the four-year-old company’s first announced funding, which they plan to put towards further development of their platform and tech, as well as new market expansion. 360Incentives has clients in various industries but just recently entered the tire market by signing Hankook Tire Canada Inc. for a consumer rebate program and Toyo Tire U.S.A. Corp. for a motorsports spiff incentive.

Under 360Incentives' program, rebate sponsors can offer a choice of remittance —checks, branded gift cards or direct deposit through bank accounts or PayPal. Participants can also have a choice in the way they submit their rebate/spiff — filling out a form online and uploading a scanned image of proof of performance/sale; download a preformatted bar-coded fax cover sheet with their contact information and fax all the required materials; or going the old-fashioned way of mailing the required materials.

Clients of 360incentives can do things like set up and manage sales incentives programs for reseller partners, create rebate programs for consumers as well as loyalty rewards, and field multiple methods of payments including direct deposit, branded reward cards and more. The platform is built to integrate directly with Oracle, Salesforce, SAP and other leading sales management platforms.

According to CEO Jason Atkins, 360Incentives was started “with the idea that the world of manufacturer sales spiffs, rebate programs and other marketing incentives could be handled using the latest technology and saving people time, paper and delivering a really unbelievable user experience.”  The company has worked with a number of major brands, including GE, Samsung and LG to incentivize channel sales and offer both instant and mail-in rebates to clients through a single comprehensive automated platform.

Fonder has put across a few statistics he is super proud of:

"We Grew over 450% in the last 2 years alone

We created an office environment in Whitby where our culture flourishes and we welcome visitors anytime

We’ve opened an office in the US and are in the process of opening Europe

We’ve grown from 12 people to 77 in 2 years

We were named to Deloitte’s Fast 50 Companies to Watch list

We were named the 2nd Best Workplace in Canada 2013 by the GPW Institute"

LTP View: 360Incentives has put in a lot of effort in providing customers an easy process to get their incentives whilst helping merchants to sustain their brand image and attract more customers. 360 Incentives also offer 100% auditing of all claims for compliance and fraud which enables merchants to save around 8-9% of promotional spend. 360Incentives should also expand into new geographic markets and new verticals. Currently, 360incentives serves primarily appliance manufacturing customers. With the help of recent round of funding, it plans to get into consumer electronics, including mobile device and computer manufacturers which is a growth market.

Vaseem Khan

Candela LabsSr. Marketing Manager (Digital Marketing & Branding)

Vaseem Khan is a founding member and a primary author at MEDICI. He is a Payments enthusiast and an avid reader. He loves being involved on initiatives related to Technology, Startups & Payments. He has been associated with companies like Gallup as a Management Consultant and Oracle as an Account Manager.

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