Local Offer Network, a Chicago technology company that aggregates daily deals from providers such as Groupon, has raised $1.5 million in a Series A round led by Matthew Pritzker and IllinoisVentures.
The one-year-old company compiles more than 1,500 group buying offers every day in 97 markets around the worldwide. It runs a consumer-facing site called Dealradar.com and also provides a technology platform for media companies and publishers to syndicate existing deals or run their own offers. LON said it will use the new funding to expand its network and build new products.
IllinoisVentures is an early-stage technology investment firm with offices in Chicago’s Loop and the University of Illinois Urbana-Champaign’s campus. Matthew Pritzker heads an investment firm whose portfolio include Chicago-based HomeMade Pizza Co.
LON Chief Executive Dan Hess was formerly vice president of marketing and strategy at Tribune Interactive, the digital division of Tribune Co., which owns the Chicago Tribune. The division was later renamed Tribune Digital and folded into Tribune Technology.