Former Fandango Chairman and CEO Chuck Davis has become CEO of online incentive company Swagbucks, succeeding co-founder Josef Gorowitz, who becomes president. The El Segundo-based company also announced that it had raised $60 million from Technology Crossover Ventures, where Davis is a venture partner. Davis was previously executive chairman for both Swagbucks and its parent company Prodege and retains that role.
Swagbucks rewards its 10 million users through a system of points, which can be cashed in for retailers’ gift cards or other prizes, for watching the company’s videos and other content in a variety of genres, playing games, taking part in surveys and other online activities. The company says it has awarded about $63 million in prizes to users so far, and reported revenues of about $53 million in 2013. It has been profitable since a pivot to its current business model several years ago, making money through affiliate fees and advertising connected with its content, according to Gorowitz and COO Scott Dudelson. The $60 million investment from Technology Crossover will finance the company’s aggressive expansion into new opportunities. Technology Crossover Ventures has previously backed major online companies such as Facebook, C/NET, Groupon, Spotify and Zillow.
While at Fandango, Davis oversaw the company’s launch of its mobile operation before it was bought by Comcast in 2007. He also was president and CEO of Shopzilla, which was sold to E.W. Scripps Company, and previously was an executive at Disney, TV Guide and Time Warner. He is a board member of Boingo Wireless, Shop.org and the Brown University Corporation.