According to published reports, 500friends, a startup that helps retailers manage their customer loyalty programs, is announcing that it has raised $5 million in Series B funding.

The funding was led by existing investor Intel Capital and new investor Fung Capital. Previous backer Crosslink Capital also participated.

500friends is the leader in next generation loyalty solutions for retail. Top retailers use our award-winning SaaS loyalty platform, LoyaltyPlus, to power innovative strategic customer loyalty programs that help identify and engage their best customers, deliver personalized and relevant rewards, and drive profitability by increasing purchase frequency and maximizing revenue per customer.