Massachusetts-based private equity firm Chestnut Hill Ventures has led a $21m-plus financing round for card-linked offers and marketing business Affinity Solutions.
The company said it planned to use the capital to bring the next generation of its platform, which aims to help retailers gain new customers, to market.
It added that the business has also established a fund to acquire complementary companies in the transaction-enabled marketing and card-linked offers space.
Chestnut Hill previously provided $14.5m through an investment round for the business last June.
Firm CEO and chairman John Berylson said, “With our continued financial support, and through the talent and dedication of its senior management team, Affinity Solutions has generated significant traction in the domain it pioneered,” said John Berylson, chairman and chief executive officer of Chestnut Hill Ventures.
“As these markets continue to evolve, it’s imperative for the company to remain on the cutting edge of solutions that benefit both retailers and consumers alike.
“This strategic investment will enable Affinity to bring exciting new offerings to market that address distinct needs.”
Chestnut Hill, which was founded in 2002 as a successor to GCC investments, targets industries including consumer products, business services, financial services, media and entertainment and telecommunications.
Its previous investments have included FleetCor Technologies, Millwall Football & Athletic Company, Vision Express, GrandOptical Photo Service and Global Telesystems Group.
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