Benjamin Capital Partners, a prominent company in the consumer rewards sector, has announced the acquisition of New Thing Co., an Austin-based company specializing in augmented reality (AR) experiences for brand marketers. This strategic move aims to integrate New Thing Co.’s proprietary AR rewards technology into the Benjamin app, enabling users to earn cash rewards, known as ‘Benjamin Money Moments,’ through shopping, mobile gaming, and ad engagement.
Key Highlights of the Acquisition:
- Leadership Integration: New Thing Co.’s co-founders, Aubrey Johnson (CEO) and Jason Bender (CTO), will join Benjamin in key leadership roles, focusing on product development and engineering.
- Enhanced User Experience: The integration of AR technology is expected to revolutionize how users interact with brands, merchants, and games within the Benjamin app, leading to a more engaging and rewarding experience.
- Strategic Expansion: The acquisition supports Benjamin’s vision to become a comprehensive cash rewards platform by expanding into commerce, payments, and advertising.
Expertise and Experience:
Johnson and Bender bring valuable expertise from their previous roles at Dosh, a successful cash-back platform acquired by Cardlytics. Their expertise in developing user-friendly interfaces and advanced technology will be instrumental in accelerating Benjamin’s growth.
Funding and Growth:
- The acquisition coincides with a $13 million capital raise from existing investors, Play Ventures and Big Bets VC.
- This funding will support the growth of Benjamin’s user base, which currently includes over 900,000 monthly active users, and its entry into new verticals.
- Since launching in October 2023, the Benjamin app has grown rapidly, achieving over 1 million downloads and nearing $4 million in monthly recurring revenue.
Vision for the Future:
Benjamin aims to be integral to consumers’ daily lives by providing a seamless and rewarding experience across various activities. The “Benjamin Wallet feature” is envisioned as a central hub for users to earn and manage their cash rewards, changing to “creating numerous ‘Benjamin Money Moments.
