SAN MATEO, CA--(Marketwire - Aug 15, 2012) - FreeMonee Network, the world's first and only provider of consumer gift incentives, today announced that Joe Wolf, former Google product manager of Google+ Local, has joined the company as vice president of product. Wolf's addition to FreeMonee's team of industry veterans comes on the heels of a recent $34M investment round and marks another step forward in the company's mission to disrupt the advertising industry.
In his new role, Wolf will draw upon his Google experience launching global advertising and local products to lead product innovation for FreeMonee. Wolf takes the helm of an award-winning solution, the FreeMonee Gift Network, with its unique underwriting capabilities, proven to drive highly profitable incremental retail sales for merchants at scale.
"Joe is another stellar addition to our expert management team," said Gadi Maier, CEO, president and co-founder of FreeMonee. "He brings expertise in scaling advertising products and solutions that create meaningful value for retail businesses. We continue to attract top talent from industry leaders like Google and FICO because our proposition is so unique. Our proprietary Gift Underwriting Engine represents the intersection of big data and machine learning, two of the hottest trends in marketing."
During Wolf's five years at Google, he played a broad range of product and operational leadership roles, launching and managing more than $1.5 billion in new products and businesses including Google+ Local, DoubleClick Rich Media, AdSense for Mobile and AdSense for Video. Wolf also brings experience in financial services from Capital One, where he directed credit card and Internet strategies and led online servicing and cross-sell. Before that, he was a consultant at McKinsey and Company, where he worked with clients in hi-tech and financial services. Wolf holds an M.B.A. from the University of Michigan and a B.S. and M.S. in Electrical Engineering from the University of Virginia.
"The FreeMonee Gift is a simple solution to a hard problem, one that I have been working to solve for seven years: how to deliver measurable, profitable advertising and promotions at scale for brick and mortar merchants," said Wolf. "This is something Google, Facebook, Groupon, and the banks have been struggling with seemingly forever -- yet to date, no one has really cracked the code. FreeMonee is the first company I have seen that pulls all the pieces together -- that's why I'm here."
About FreeMonee Network
FreeMonee is changing the economics of advertising by enabling stores and restaurants to attract customers on demand using FreeMonee Gifts. With its unique new consumer incentive, FreeMonee delivers gifts of money directly to cardholders of the largest financial institutions. FreeMonee Gifts are customized to precisely match consumer interest, allowing consumers to purchase anything they want at designated stores or restaurants -- no strings attached. The gifts are made possible by FreeMonee's proprietary Gift Underwriting Engine, which accurately determines the right gift to ensure the highest level of consumer interest and the best return on ad spend for a merchant. Unlike traditional coupons or offers, FreeMonee Gifts feel like a gift card from a friend -- money to spend at places consumers like. For retail marketers, FreeMonee Gifts enable brands to attract large volumes of profitable, incremental customer visits -- without discounting. For banks and credit card companies, FreeMonee provides the opportunity to positively engage customers and strengthen loyalty.
Founded in 2009 and located in San Mateo, California, FreeMonee is led by former executives of Google, Visa, Oracle, Cisco, Procter & Gamble and Coca-Cola. To date, FreeMonee has raised $45 million in funding with investments from Charles E. Ryan, Opus Capital Ventures, Redpoint Ventures and Sutter Hill Ventures, among others. Through continued partnerships with the top U.S. financial institutions, the company expects 50 million households to have access to FreeMonee Gifts in 2012. For more information, please visit www.freemonee.com.