With $39M raise, app startup upgrades its HQ

A new tenant will soon join the CenturyLink tower. Photo by Burl Rolett.

A new tenant will soon join the CenturyLink tower. Photo by Burl Rolett.

The company behind an app that matches users with cash-back coupons is moving into the CenturyLink tower in the spring.

Denver-based Ibotta has signed a seven-year lease for 38,000 square feet on the fourth floor at 1801 California St. in Denver’s Central Business District, said founder and CEO Bryan Leach. That’s triple the space it has now at 1900 16th St. in LoDo.

On Oct. 19, the company disclosed that it had raised nearly $39 million.

Leach said the company is using its raise to move into its new space, to hire more employees and to keep developing and advertising its products.

“We’re growing our team here in Denver to be able to support the growth of our platform,” he said.

Ken Gooden of JLL helped Ibotta find the office space.

Ibotta – pronounced “I bought a” – awards users with rebates for buying certain products. It then funnels that money to store gift cards or to a user’s bank accounts. There are also several hundred advertisers on the app, Leach said.

The company’s latest raise will help Ibotta to hire between 200 and 300 people over the next three to five years. Ibotta is also planning a national advertising campaign, Leach said.

The company has also invested in a focus group blitz to test a new version of its mobile apps in Denver over the past month.

Ibotta currently employs 100 people in Denver, Leach said.

Ibotta started as Zing Enterprises in October 2011, launching its app a year later. It has raised $72 million in the past three years, Leach said.

A new tenant will soon join the CenturyLink tower. Photo by Burl Rolett.

A new tenant will soon join the CenturyLink…

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