Jackpot Rewards Raises $16.7 Million in First Round of VC - Newton, MA

Jackpot Rewards, a Newton-based 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.

http://www.jackpotrewards.com/company/pressroom/