500friends Raises $5M To Bring Its Online Loyalty Programs To Physical Stores

500friends, a Y Combinator-incubated startup that helps retailers manage their customer loyalty programs, is announcing that it has raised $5 million in Series B funding. The round was led by existing investor Intel Capital and new investor Fung Capital. Previous backer Crosslink Capital also participated. (Intel's Carey Lai and Fung's Michael Hsieh are both joining the 500friends board.) The company also raised $2 million in debt ? co-founder and CEO Justin Yoshimura told me that 500friends is unusually credit-worthy for a startup thanks to its recurring revenue.

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