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$1.63M Investment Gives ThinkNear The Legs To Run

$1.63M Investment Gives ThinkNear The Legs To Run
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ThinkNear launches its geo-targeting service to help businesses bring customers in when they most need them, like during off-hours.

Caroline Ku
  • 4 august 2011

Every business owner is all too familiar with the drag of weekday afternoon hours when customer flow slows down. They may try daily deal sites, coupons and promotions to bring in more sales, but customers just don’t show up during the lull.

That’s when Eli Portnoy and John Hinnegan, former employees at Amazon, came up with the idea for ThinkNear. With $1.63 million in investments from IA Ventures, Google Ventures, Qualcomm Ventures and more, the TechStars NYC participants have finally realized their concept.

They spent several months analyzing the problems of these existing daily deal sites before designing a better service with a smarter API that specifically brings in customers when businesses want.

ThinkNear uses geolocation to alert passers-by on their mobile devices to exclusive, time-sensitive promotions and discounts happening in the area.

Businesses simply tell ThinkNear when their slow period is, what discounts they can offer and ThinkNear takes care of the rest. Using smart data, they can analyze what promotion to use at what time, while factoring the weather, special events, road closures and holidays—things business owners know affect foot traffic.

Image by TechStarsNYC via Flickr.

ThinkNear
TechStars NYC 

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