Digital marketing and payments company edo Interactive has closed $8.5 million in a first-round venture financing led by Clayton Associates and First Avenue Partners. The Nashville, TN-based company
will use the funding to accelerate technical development, roll out marketing initiatives, and continue expanding staff.
Two-year-old edo offers a prepaid debit card aimed at teens
and young adults called Facecard that offers digital tools such as peer-to-peer gifting, text updates and integration with social networks. Through the card, users can take advantage of cash
incentives called Prerewards aimed at encouraging consumers to go from merely browsing to buying in online and brick-and-mortar stores.
Coca-Cola, Baskin Robbins, H&R Block and Cloudveil are
among brands that have partnered with edo to issue private-labeled Facecards.
In connection with the funding, Matthew King of Clayton Associates and David Wilds of First Avenue Partners will join
edo's board of directors. -Mark Walsh