Yillio, Inc. hit the market with a $300,000 debt offering placing a third with four investors. This is the first known US private placement initiated by the company. The offering will remain open for a year.
The company offers an online and mobile application (app) that allows users to discover, save and share merchants and gas stations offering promotions and deals based on their device’s GPS. The app is free for users and available for now on iOS. Yillio plans on monetizing the app on the merchant side. A few companies we covered over the past month come to mind as competitors such as Postelio (specialized in apparel and accessories), FOMO Media and ROXIMITY.
Yillio, headquartered in Edenton NC, was founded by Tully Ryan (President and CEO) in October 2011. The executive team includes Vadim Droznin (CIO) and Reid Overcash (Marketing).