On May 22, 2008, Microsoft officially announced the cash back service as part of their Live Search group of tools.
Jellyfish launched the first beta version of service in June 2006, after receiving an initial seed round of investment from its founders, Brian Wiegand and Mark McGuire, and Kegonsa Capital Partners.
[1] In a press release, Kegonsa Capital Partners said that it acquired 25 percent of Jellyfish.com's stock for about $600,000 in February 2006, and made 15 times its seed investment with the deal.
According to their founders, Jellyfish has 1,000 retailers advertising more than 5 million products, from shoes to electronics to home appliances.
It was expected to have 20 employees by the end of October 2006, at the Old Sauk Trails business park, on the Far West Side.