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NEA, 7-Eleven venture capital arm back $12.1m Belly financing round

28 Aug 2013

BellycardNew Enterprise Associates has led a $12.1m Series B-1 financing round for customer loyalty and marketing business Belly.

The company also received backing from 7-Ventures, the venture capital arm of convenience store giant 7-Eleven, Andreessen Horowitz and DAG Ventures as well as Lightbank and Cisco.

Belly provides businesses with an in-store tablet and loyalty cards which allow them to customise reward deals for return customers and analyse their buying behaviour.

Andreessen Horowitz general partner Jeff Jordan, who is a member of the Belly board of directors, said, “We first invested in Belly 15 months ago based on team vision and product potential, but the opportunity was still in its infancy.

“Since then we’ve watched Belly develop into the definitive leader in the space and execute on the revolutionary product it has built.”

7-Ventures vice president of portfolio management Raja Dodala said, “In the past 18 months we’ve watched Belly scale quickly and have seen through our test with this network the value Belly can provide to 7-Eleven.

“By becoming an investor, 7-Eleven can learn how successful digital-loyalty networks drive consumer traffic and engagement offline.”

The latest financing round brings Belly’s total capital raised to $28m.

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