Thanx Hauls in Backing for In-Store Customer Loyalty Software

In the war between e-commerce and brick-and-mortar shopping, data has long given e-commerce the upper hand. As investors seek a business model that helps physical stores and other businesses dig into similar data, Sequoia Capital and Icon Ventures are betting they have found one in a startup called Thanx. The two firms co-led a $17.1 million Series B in Thanx, a plug-and-play customer loyalty program for small businesses. Participating customers opt into Thanx’s system by downloading an app and linking their credit card. Every time the customer makes a purchase with that card, the software logs data of that purchase in a database that businesses can use to track their customers.

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