Digital Couponing Startup SaveWave Scores $2.3M From Leading Investors

Today sees the public launch of SaveWave, a digital promotion, distribution, and rewards fulfillment company recently spun out of Sallie Mae’s Upromise Grocery operations.

The company, which is based in Belmont, MA, launches armed with $2.3 million in financing from a slew of high-rollers (more on that below).

SaveWave will take over the technology and operations that power Upromise’s all-digital grocery coupons and plans the introduction of a white-label program for consumer packages goods brands, retailers, membership programs, and media companies to deliver nationwide grocery rewards.

The startup plans to launch this white label platform for select partners in the coming months. It will also feature mobile applications for consumers to activate coupons from their smartphones, enabling them to reach consumers at the grocery store looking for deals.

SaveWave manages Upromise’s grocery service, a program through which Upromise’s 12+ million members can earn college savings rewards by activating grocery offers online and redeeming them through their supermarket and drug store loyalty cards, saving them the hassle of clipping or printing coupons.

With 22,000 partner stores nationwide, SaveWave’s platform is able to work with what they say constitutes the largest network of retailers enabling digital coupons in the United States, straight from the get-go.

Coinciding with its public launch, SaveWave has scored a $2.3 million Series A funding round led by Flybridge Capital Partners and First Round Capital with participation from Founder Collective, IA Ventures and several angel investors, including Ron Conway and Upromise founder, former Chairman and CEO Michael Bronner.

As part of the funding, Jeff Bussgang, a general partner at Flybridge and co-founder and former President of Upromise, First Round Capital’s Josh Kopelman, and Upromise President, David Coppins, will join SaveWave’s Board of Directors.