Pirq operates a mobile deals app that uses its SmartYield™ algorithm to identify when restaurants are less busy and surface real-time, location-based discounts that are paid at the point of sale. The company is adding a digital punchcard loyalty product that can work independently of the app via phone number and short-code SMS, while app users can tally visits with a Microsoft Tag. Pirq is filing a patent for the punchcard functionality and plans to roll the loyalty service out commercially in October 2012 with a new iPhone app. The loyalty product is sold separately at $50 per month per location and participating locations receive an Android tablet to display the program. Pirq is preparing a national rollout and plans to expand beyond food into other retail verticals that rely on foot traffic. CEO James Sun says the company is preparing for another significant round of funding in the new year to ramp up the service. Pirq is a free smartphone app for iPhone and Android that gives users 20%–50% off their entire bill at nearby restaurants. The company’s SmartYield™ technology automatically and intelligently schedules and adjusts deal availability in real time to maximize customer traffic during off‑peak and peak hours, removing the need for manual time‑frame entry. Pirq says the platform helps restaurants predict customer traffic and better utilize resources to increase profit. The company raised $2 million in its first venture capital funding led by Rally Capital and will use the proceeds to roll out new app versions, add more restaurants in Seattle, and expand into new geographic markets. As a result of the funding, Rally Capital’s Dennis Weibling and John Mark Duncan joined Pirq’s board.

Total raised

$3M

Funding rounds

2

Latest round

Equity

Latest activity

Sep 2012