WALTHAM, Mass., April 5, 2013 (GLOBE NEWSWIRE) -- via PRWEB - SavingStar
- the only national fully-digital grocery savings service - announced today a $9.1 million Series
D financing led by global corporate benefits provider, Edenred, with participation from American
Express Ventures, DCM, Flybridge Capital Partners, First Round Capital, and other existing
investors. SavingStar enables shoppers to save money on their groceries by linking deals to their
grocery and drug store loyalty cards, without the need to clip or print paper coupons. Since its
launch in April 2011, over 3 million people have joined SavingStar and more than 200 brands have
offered grocery savings through the service.
NutriSavings: New Health and Wellness Venture with Edenred
SavingStar also announced the creation of a joint venture with Edenred, a world leader in
corporate benefits, called NutriSavings - a new service designed to promote healthy eating among
corporate employees and scheduled for launch this summer.
Employees who join the NutriSavings program set objectives to improve the nutritional quality of
their shopping baskets as measured by a nutritional score that can be consulted online or via
smartphone. In addition to incentives for meeting these objectives, program participants will
receive eCoupon savings on nutritionally balanced products. NutriSavings will also help companies
reduce their healthcare-related expenses.
Select grocery retailers will partner with NutriSavings and its independent experts to help
employees monitor, analyze and improve their household nutrition consumption. Consumers will also
receive access to educational videos and downloadable content on the benefits of healthy eating.
US Companies Investing in Employee Well-Being
More than 70% of healthcare expenses stem from obesity-related chronic illnesses . In the United
States, where employers provide medical coverage, this represents an estimated cost of $850 per
employee per month . A study of US businesses conducted in 2012 by the National Business Group on
Health (NGBH) revealed an increase in spending on programs to promote balanced nutrition and
regular physical exercise. Today, nearly 90% of American companies have set up incentive programs,
spending $520 per employee per year on average, or twice as much as in 2009. In addition to
helping improve employee health, NutriSavings can help companies manage their payroll costs
through reduced absenteeism.
Strategic Alliance In Promising Market
The partnership between Edenred and SavingStar includes the NutriSavings joint venture, which is
two-thirds owned by Edenred , and Edenred's strategic financial interest in SavingStar .
"We are very excited to set up this alliance with Edenred, a world leader in employee benefits.
Together we will leverage SavingStar's unique digital platform," declared David Rochon, CEO and
co-founder of SavingStar.
"Our partnership with SavingStar, a fast-growing start-up and market leader, demonstrates just how
much innovation is an integral part of Edenred's growth strategy," emphasized Gilles Coccoli,
Edenred Executive Vice President Strategy & Development.
"The launch of NutriSavings gives us an opportunity to expand in the United States. We have
created an innovative solution in the fast growing market for health and wellness solutions that
encourages employees to consume a more balanced diet and contributes to efforts to reduce
healthcare spending on chronic illnesses," noted Gérard Bridi, Edenred USA Managing Director.
SavingStar is the first and only national, fully digital, grocery savings service, available for
free at Savingstar.com and on iPhone and Android mobile apps. The company enables consumers to
choose where they shop and how they save. Redeemable at over 25,000 stores, SavingStar's offers
are linked to shoppers' grocery and drug store loyalty cards and provide a more convenient and
eco-friendly way to save on groceries than paper coupons. SavingStar automatically adds the value
of each offer redeemed into users' SavingStar accounts, enabling them to pick their payout from
cash back to gift cards to charity donations. SavingStar also powers white-labeled grocery savings
services, including Upromise, Fuel Rewards Network, and NutriSavings. SavingStar is backed by
Edenred, American Express Ventures, DCM, Flybridge Capital Partners, First Round Capital, IA
Ventures, and other investors. The company is based in Waltham, MA. For more information, visit
Edenred, which invented the Ticket Restaurant meal voucher and is the world leader in prepaid
corporate services, designs and delivers solutions that make employees' lives easier and improve
the efficiency of organizations.
Edenred solutions ensure that funds allocated by companies are used as intended. These solutions
help to manage:
* Employee benefits (Ticket Restaurant, Ticket Alimentación, Ticket CESU, Childcare Vouchers,
* Expense management (Ticket Car, Ticket Clean Way, Repom, etc.)
* Incentive and rewards programs (Ticket Compliments, Ticket Kadéos, etc.).
The Group also supports public institutions in managing their social programs.
Listed on the NYSE Euronext Paris stock exchange, Edenred operates in 40 countries, with nearly
6,000 employees, nearly 610,000 companies and public sector customers, 1.3 million affiliated
merchants and 38 million beneficiaries. In 2012, total issue volume amounted to €16.7 billion, of
which 61% was generated in emerging markets.
Ticket Restaurant and all other tradenames of Edenred programs and services are registered
trademarks of Edenred SA.
This article was originally distributed on PRWeb. For the original version including any
supplementary images or video, visit http://www.prweb.com/releases/2013/4/prweb10597491.htm