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SavingStar Closes Offering after Raising $7M - cbl
Posted July 17, 2011
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David Rochon
By Bill Murphy
WALTHAM, Mass. -- SavingStar Inc. has closed an offering of shares and convertible securities after raising $7 million of a planned $9.7 million from nine investors, according to an amended SEC filing.
Principals named in the filing are:
· Co-founder and CEO David Rochon;
· Co-founder and President Michael Libenson; and
· , lawyer and managing partner at Foley & Lardner LLP.
SavingStar, based in Waltham, provides grocery eCoupons redeemable at 24,000 grocery and drug stores.
Prior to founding SavingStar, Rochon and Libenson built the grocery segment for Upromise.com enabling eCoupons for its 13 million members who save for college. SavingStar's founding team spun off from Upromise in 2010, and the company now also powers Upromise's grocery eCoupons.
Reg D filing: http://tinyurl.com/6btnmex
Bios from SavingStar site:
David Rochon
Founder and CEO
Founder and Chief Executive Officer (CEO) David Rochon brings 25 years of industry experience and proven leadership to SavingStar. David is leading the digital grocery coupon revolution by modernizing the way marketers deliver, consumers receive and retailers handle grocery savings by offering paperless eCoupons on the web and smartphones to a national audience.
Prior to co-founding SavingStar in 2010, David was an early employee and later became president of Upromise, Inc., a college savings service that allows members to direct their spending to Upromise partners in order to save money for college. Launched in 2000 and acquired in 2006 by Sallie Mae, Inc., Upromise is the largest private source of college funding in the U.S. today.
Before Upromise, David was founder, president & CEO of SuperMarkets Online, Inc., a subsidiary of Catalina Marketing Corporation. He pioneered the development and execution of secure digital coupons in the late 1990's under the ValuPage brand. Incubated by Catalina Marketing, SuperMarkets Online secured venture capital from Tribune Ventures and grew to become the 37th most visited site on the web.
David holds a Bachelor of Arts degree in Applied Economics and Management from Cornell University.
Michael Libenson
Founder and President
Michael Libenson is President of SavingStar, a company leading the digital grocery coupon revolution by bringing paperless eCoupons on the web and smartphones to a national audience. Michael cofounded SavingStar with the company's CEO, David Rochon, in July 2010.
Prior to SavingStar, Michael served as Senior Vice President and General Manager of Upromise Grocery Services, which first introduced grocery savings in 2001. During his early history at Upromise, Michael signed several of the company's first partners, including Coca-Cola, Exxon-Mobil, McDonald's, and Procter & Gamble. After working to launch the initial grocery platform in 2001, Michael led the Partner Services team and served as Senior Vice President of Marketing and Strategy. In 2008, Michael managed the development of the Upromise eCoupons platform.
Prior to joining Upromise, Michael was a strategy consultant with Monitor Group.
Michael holds a Bachelor of Arts degree in Political Science from Boston University, an M.Sc. in Economics from the London School of Economics and an MBA from the Harvard Business School.
Also at citybizlist, see:
Buddy Media CEO Michael Lazerow Joins SavingStar Board of Directors
Grocery E-Coupon Provider SavingStar Raises $4.6M - cbl
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