Online Sweepstakes Firm Jackpot Rewards Raises $16.7 Million

Authored by Mark Hefflinger on February 20, 2008 - 7:51am.

Newton, Mass. - Jackpot Rewards, a provider of online, consumer cash-back rewards programs for consumer purchases, announced its official launch on Wednesday and the fact that it has raised $16.7 million in its first round of venture capital.

Jackpot Rewards provides consumers with cash back on online purchases, as well as deals and discounts. Members are automatically entered into three drawings every week for jackpots of over $100 million, plus a $1 million drawing every Sunday.

The company also says it gives 50% of its profits to children's charities.

Investors in the company include Jack Connors, founding partner of advertising agency Hill, Holliday, Connors, Cosmopulos; Chuck Clough, chairman and CEO of Clough Capital Partners, Tom McDonnell, chairman and CEO of DST Systems; and investor and author Peter Lynch.

Published in DMW Daily, February 20, 2008

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Comments

It’s a lottery. All this

Submitted by john s. (not verified) on February 21, 2008 - 2:42pm.

It’s a lottery. All this talk about charity is only a coverup for the lottery commisioner attorney general and the lawmakers. The odds of winning is 1:52*52*52*52*52*52 or 1:19,770,609,664 (1:19 billion), they make $$$ from the subscription fees and the when subscribers shop through their site (just like other cashback sites). They only raised $16 mil from the investers how are they going to pay the 100 mil :( - Simple THEY WON"T PAY Enjoy

Torn

Submitted by MandyWu (not verified) on March 17, 2008 - 5:43am.

I dunno, I don't think this should be written off. The funding behind it seems very legit.