BloomSpot

About BloomSpot

Bloomspot operated in the competitive daily deals and targeted offers market, positioning itself as a premium provider for high-end local businesses. Founded in 2008 by Jasper Malcolmson, Evan Reiser, Ashish Baldua, and Nimit Maru, the San Francisco-based company sought to differentiate itself from competitors like Groupon and LivingSocial. The firm's business model focused on curating exclusive offers for a select member base, featuring renowned establishments such as Zagat-rated restaurants and AAA Four Diamond hotels. This strategy was designed to attract and retain profitable customers for its merchant partners rather than simply driving volume.

A key component of Bloomspot's service was its technology platform, which leveraged credit card data to target offers more effectively and measure customer loyalty. This data-driven approach allowed the company to track offer redemption and subsequent customer spending, providing a clear return on investment for merchants. The company generated revenue by taking a percentage of the sales from the offers it promoted. The firm demonstrated significant growth, raising approximately $46.1 million in funding over several rounds, including a notable $35 million Series B in 2011, from investors like InterWest Partners, Columbia Capital, Menlo Ventures, and True Ventures.

In December 2012, JPMorgan Chase acquired Bloomspot for a reported $35 million. The acquisition was part of Chase's strategy to enhance its customer loyalty programs by integrating Bloomspot's targeted offers technology into its credit card division. The deal involved bringing Bloomspot's team of around 100 employees into Chase's operations. However, shortly after the acquisition, the Bloomspot service was discontinued.