Boston-based LevelUp has just raised $7.5 million in additional funding, according to an SEC Form D filed on Thursday.  This latest round of funding comes just a few months after Priebatsch boasted about the company’s financial stability to us.

The last time the company raised money was a little over a year ago, when it received $21 million in funding and was valued at about $172 million. The once $172 million valuation has certainly decreased making this a down round of financing. Peter Bell of Highland Capital Partners and Rich Miner of Google Ventures have been, and continue to be, the main sources of funding for LevelUp.

LevelUp and Founder Seth Priebatsch have had a tumultuous past. LevelUp was released in March 2011 as a compliment to SCVNGR, the company’s first mobile app. SCNVGR went head-to-head with Groupon during its initial rise in popularity. By December 2012, the company had shifted its focus away from SCVNGR—which had put them in offices around the country—downsized and changed their name to mirror the new flagship: LevelUp.

Users of the app can pay for products in store simply by scanning LevelUp, which is linked to a credit card, and earn rewards for repeat visits. Retailers incur no credit card fees on transactions, and only pay LevelUp when a customer redeems an earned reward.

Currently, LevelUp boasts it has partnered with 5,000 merchants and has one-million users. The company has also employed some of Boston’s most prolific young entrepreneurs, including Cort Johnson and Joe Lind, (founders of Terrible Labs), Chris Shaw, (co-founder of LexSpot) and many others of the so-called LevelUp Mafia.

BostInno has reached out to Priebatsch for comment.