Copenhagen-based daily deals startup Bownty today announced a $1.1m investment from Danish SEED Capital and Accelerace Invest, an accelerator and investment programme offered by Symbion. The funding will go toward European expansion, increasing brand awareness and developing its mobile product.
Unlike typical deal platforms that feature discounted certificates, Bownty collects deals from other daily deal sites such as Groupon, Living Social, KGB Deals and Wowcher.
“There has been a lot of skepticism about the future of this industry, but this investment proves that the daily deal market is not dead. We have seen significant growth and I believe there is still huge untapped potential in curating the daily deals marketplace,” said Bownty CEO and Founder Steffen W Frølund.
Currently, the deal aggregator operates across Germany, UK, France, Spain and Denmark. “With this latest investment we are looking to push the Bownty brand out across Western Europe. We have just launched Bownty in France, and Italy will soon be live,” Frølund told VentureVillage.
With the ongoing commotion surrounding Groupon and DailyDeal, Bownty’s latest announcement might help to counter the commonly held belief that the daily deals and couponing industry is stagnating. It will be interesting to see whether the Danish startup can gain traction amongst users who might already be over the discount bandwagon.
featured image – flickr user torbakhopper
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