TMCnet News
Forks Closes Funding Round With Northwest Capital ConsultingForks, the top-rated location-based restaurant coupon app for iOS devices, today announced it had closed a funding round with Northwest Capital Consulting, in an effort to continue its strong user acquisition trajectory. The service, which offers more than 50,000 individual restaurant options nationwide through partnerships with Valpak, Groupon, Restaurant.com and LivingSocial (News - Alert), has been offering mobile delivery of coupons to local, regional and enterprise restaurant businesses since 2013. Forks provides a unique opportunity for restaurants to reach target audiences, including a high concentration of 18-35 year olds, which are overrepresented within Forks' user base. Additionally, Forks users are highly likely to redeem offers after downloading the app, with nearly a 20% click-to-purchase rate within ther first 7 days. Enterprise restaurant chains spend more than $2B annual on traditional paper offer distribution, many of which do not reach all of their intended targets - which is where Forks fits in. "For the last two years, we've been changing the way that hungry diners were able to save a few bucks on a meal, while discovering new places to eat along the way," said Cole Van Leuven, founder and CEO of Forks. "We will be committing this new round of funding almost entirely to new user acquisition, with a goal of 2 million new users by 2016, while at the same time working to expand our enterprise client-base." Northwest Capital Consulting has significant ownership in a diversity of businesses, both real estate and non-real estate related. Founded in 2003, Northwest Capital Consulting seeks value-added and opportunistic investments. Focused but not limited to real estate and technology, Northwest Capital & Consulting continues to broaden the scope of its holdings and services. About Forks Forks, the top-ranked iOS app for restaurant coupons, is a fast-growing location-based app that offers secure and paperless coupons that are instantly redeemable at quick service, casual, and fast casual restaurants, boasting upwards of 50,000 locations, and restaurant listings in all 50 states. Forks is based in Seattle, Washington. For more information, visit: http://www.getforks.com. View source version on businesswire.com: http://www.businesswire.com/news/home/20150709006033/en/ |
