Toronto-based Ribitt has raised $600,000 in seed round funding from an undisclosed group of angel investors.
Ribitt’s rewards program is tailored for independent merchants. Using Ribitt’s mobile app, consumers can pay for purchases and collect points while they grab cofeee, get a haircut, or make purchases participating shops. These points can be redeemed at any participating store for anything the customer wants to purchase.
“The future of local shops succeeding lies with them coming together and leveraging their combined network,” said Sana Virji, who co-founded Ribitt with Ribat Chowdhury. “The underlying vision behind Ribitt is simple. Participating in a rewards program at a single coffee shop is more effort than the value for consumers, especially when we have access to a Starbucks at every street corner with the tap of a button. When local merchants in a neighbourhood join Ribitt’s single rewards program, they create huge value for their customers, while giving them the competitive advantage of scale that bigger chains have.”
Ribitt launched earlier this year in the Roncesvalles and The Junction neighbourhoods in Toronto and in Peterborough, Ontario, with over 100 local shops participating in the rewards program. The company plans to begin rollout across Canada in 2019.
“It’s a win for everybody,” says Deborah Ross, owner of retail boutique Simply Beautiful, located in The Junction neighbourhood of Toronto. “I am rewarding my customers, and, at the same, joining other stores in the neighbourhood. Together, we are a collective force that is creating value in the community.”
Photo via Unsplash.
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