FARMINGTON HILLS – Beringea has invested $3 million in an Internet marketing service that offers free product samples to consumers, part of a $6 million Series A funding round. Freeosk Inc. has operations in St. Joseph and Chicago.
Proceeds from the financing will be used to purchase capital equipment, fund additional staffing, install the Freeosk system in a major national retailer, and provide further product development. Chicago-based First Analysis also invested.
Freeosk is a proprietary marketing services platform that offers consumers a new way to receive free samples of new products wherever they shop through a network of interactive kiosks. Freeosk has orchestrated pilot programs in several retail outlets and is contracted to introduce the concept nationwide later this year.
?Freeosk and the engagement data it measures offers a unique and compelling value proposition to retailers, consumer packaged goods manufacturers, and shoppers at a time when ROI of marketing programs has become increasingly important,? said Michael Gross, managing director at Beringea. ?The company enjoys first mover advantage, a proprietary technology platform, and an established entry point into one of the world?s largest retailers.?
Founded in 1988, Beringea LLC ihas offices in Farmington Hills and London, England. The company invests in companies in health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products.
First Analysis was founded in 1985 and has invested more than $700 million across 12 funds in three fund families. First Analysis invests in health care, IT applications and outsourced services, clean tech and infrastructure. Its flexible approach targets investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective to the table.
