Kiip, the US-based operator of a reward-based advertising platform, secured $12m on Tuesday in a series C round featuring telecommunications networks US Cellular and Verizon.
US Cellular and Verizon, which invested through its Verizon Ventures unit, were joined by venture capital firm North Atlantic Capital, which led the round, Relay Ventures, Hummer Winblad Venture Partners (HWVP) and True Ventures.
Kiip specialises in what it calls moments marketing, connecting with mobile users by providing offers such as free samples, special offers or virtual currency, while helping mobile developers monetise their apps.
The company raised $4.4m from HWVP, True Ventures, Crosslink Capital and various angel investors in 2010 and 2011, before pulling in $11m in a 2012 series B round led by Relay Ventures that included advertising group Interpublic, HWBP and True Ventures.
American Express Ventures, the corporate venturing arm of payment services provider American Express, invested an undisclosed amount in 2013, while Verizon Ventures and private investor Michael Lazerow added an undisclosed sum the following year.