Swagbucks Appoints Chuck Davis as CEO, Raises $60 Million

Web’s leading rewards community Swagbucks – and its parent company, Prodege LLC – announced today its first external capital round with a direct investment of $60 million from Technology Crossover Ventures (TCV).

Swagbucks and Prodege executive chairman Chuck Davis will add the role of chief executive officer while founding CEO Josef Gorowitz becomes president.

Swagbucks rewards its members for everyday web discovery activity – including searching, shopping, entertainment, discounted offers, surveys, and games – delivering a platform for brands, advertisers, and marketers to establish relationships with motivated consumers.

The company says it has distributed over $60 million in free gift cards to consumers since its 2008 founding.

Swagbucks offers gifts cards from over 300 e-commerce stores including Amazon, Wal-Mart, Target, Starbucks, and Paypal.

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“Swagbucks first caught my interest in 2012 when I observed their impressive, entrepreneurial growth and diversified revenue model,” said Davis, who joined Swagbucks as executive chairman in January 2013.

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Davis was chairman & CEO of Fandango, a leading online movie ticket and entertainment site.

According to Swagbucks, the company has been profitable since 2010 and had $53 million in 2013 revenues, up 51% from 2012.

Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry.