Softbank Latin America Ventures (SBLV) has taken a 27% stake in Miami-based BitTime.com for an undisclosed amount.
BitTime.com develops and operates consumer loyalty programs for both online and offline companies throughout Latin America and the United States. The company launched its incentive own network, called TrocaMania.com, in February. The site, which is available in Spanish, Portuguese and English, permits user companies to reward their customers for online activities and transactions, according to company literature.
For example, while using sites within the TrocaMania networks, users earn a reward currency, called Trocas, which they can then redeem for prizes, which range from everything from toys to airline travel miles.
SBLV has invested $35 million in Internet ventures since it entered the Latin American market in January with an initial fund of $100 million. Japanese giant Softbank Corp. created the fund through its venture capital subsidiary, Softbank Technology Ventures.
Jan Boyer, managing general partner and chief executive of the fund, said at the time that SBVL would focus on three areas: facilitating Latin American market entry for Softbank-affiliated Internet companies; providing funding and guidance to local Internet entrepreneurs; and backing “promising” Internet companies focused on the region. Boyer said, too, that he would invest not only throughout Latin America but in Miami-based companies.