SaveWave Spins Out from Upromise, Raises $2.3 Million

SaveWave, a Belmont, Mass.-based provider of digital promotion, distribution and rewards solutions, has raised $2.3 million in Series A funding. Flybridge Capital Partners and First Round Capital co-led the round, and were joined by Founder Collective, IA Capital and angel investors like Ron Conway and Michael Bronner. The company is a spinout from Upromise (now owned by Sallie Mae), and will continue to manage Upromise's grocery operations.

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