LOS ANGELES, CALIF., December 21, 2009 – Maverick Angels, one of the nation’s leading and most innovative angel investor networks, today announced its investment in Extrabux, Inc., developer of the first website to aggregate the three primary tools used to find the lowest prices online: comparison shopping, cash back rebates and online coupons. Extrabux offers a free service that enables online shoppers to search for any product and compare prices from over 2,000 retailers.
Extrabux is raising a total of $350,000 in convertible debt funding pursuant to a term sheet negotiated by Maverick Angels as the lead investor in the round. The Company presented recently to Maverick Angels in its Westlake Village and Santa Barbara Chapters and plans to pitch investors in January in Maverick Angels’ new European Chapter based in Milan, Italy, established in cooperation with Intesa SanPaolo Bank, Italy’s largest bank.
“We are very optimistic about the future of Extrabux and we are very impressed by the leadership and vision of its young founders. We expect to see enormous growth and success by this new venture in the coming years,” explained Maverick Angels Founder and President John Dilts.
Extrabux Founders Noah Auerhahn and Jeff Nobbs are recent alumni of USC’s undergraduate business program where they won the school’s business plan competition in 2008 for their Extrabux concept.
Extrabux is raising the convertible debt financing to be invested in ongoing improvements to Extrabux.com and to fund an aggressive online marketing campaign, and provide working capital. The Company will be utilizing several marketing channels including, search engine marketing, lead generation, affiliate marketing, search engine optimization, and PR.
According to Auerhahn, “We have really enjoyed working with the Maverick Angels group. The members have provided great feedback throughout the screening process, even bringing in industry experts during our due-diligence. Since we received funding from Maverick, the group has been quick to lend their support. Angels have opened up their rolodexes, offering great connections and accelerating Extrabux’s growth in the comparison shopping space.”
First launched in 2006, the Extrabux website has attracted tens of thousands of members. The Company has built cost-per-sale agreements with over 2,900 online retailers who pay Extrabux a commission on every purchase it generates. Extrabux was featured on Good Morning America on “Cyber Monday” after Thanksgiving. As a result, “Extrabux” briefly became the number one searched word on Google.
The money raised also allowed the company to accelerate the hiring of Bob Nascenzi as the Company’s new CEO. Nascenzi is the former CEO of Claritas, where he developed extensive experience in consumer targeting, marketing and data analytics. According to Auerhahn, Nascenzi will be instrumental in rapidly growing the company to its next level of success.
About Maverick Angels
Maverick Angels is a next generation angel network which takes an entrepreneurial approach to angel investing. The Group is very unique among angel investor networks in that it offers a highly acclaimed Maverick Angels Boot Camp for Entrepreneurs to proactively coach companies about what angels are looking for and how to grow a scalable business. Founded in 2006, Maverick Angels has launched Chapters in the Southern California region near Los Angeles in the South Bay (based in Palos Verdes Estates), Westlake Village and Santa Barbara. The Network has also established a Chapter in Europe via its alliance with Intesa SanPaolo, Italy’s largest bank based in Milan and has created an affiliation to share deal flow with other angel groups across the globe. The investment focus of the Network includes early-stage opportunities from any industry which provides the possibility for a multiple return on investment. Maverick Angels also actively engages in social and charitable activities designed to build camaraderie and support entrepreneurship in our communities.
About Extrabux, Inc.
Extrabux.com is the only comparison shopping engine to integrate discounts from both coupons and cash back, finding online shoppers the lowest possible price. Before Extrabux.com, shoppers were forced to manually search the web and visit multiple websites to find the lowest price. Today, consumers who go to Extrabux.com for their online shopping needs find combined savings tools all at one online destination – saving them significant time and money. Because Extrabux.com shares its commission from each purchase, online shoppers receive cash back without changing where they shop online. One Stop. Every Discount. Extrabux.com.
Media Contact:
Jessica Hasson
Terpin Communications
P: (323) 710-3556
jessica@terpin.com
Company Contact:
Brian Wurfel
Maverick Angels
P: (818) 706-7686
brian@maverickangels.com