American Express Latest to Invest in Kiip
American Express has made a significant investment in Kiip, a company that connects brands and consumers through mobile rewards and contests.
Kiip is the brainchild of 22-year-old Brian Wong.
Wong, like so many people involved in the mobile ad industry, thought that his company would make money by running ads between levels of mobile games. But he noticed the many game players were paying for in-game boosts which bypassed the ads.
So he decided to eliminate the ads between levels and replace them with in-game offers for game boosts and extra lives. And the company is now becoming a major player in the industry.
Amex isn’t the only company showing its support. Interpublic Group has joined the venture capitalist opportunity as well. This is in addition to the support the company has already had from Verizon Wireless and other sponsors.
The company has $15.3 million in capital, and Wong has a team of 55 employees working on the development and distribution of Kiip.
Wong issued a statement about the boost from Amex, saying, “We’re excited to celebrate with Amex, as one of the most recent investments under their newly formed venture group…Amex’s strategic investment model is a unique one that supports entrepreneurs and builds the right connections at the right time between both parties.”
With the help of some good ideas and continued funding from big companies like American Express, Kiip is likely to be a worldwide success.