Digital incentives platform WeGift has secured $8m (£6.05m) in new funding by way of a Series A extension, led by AlbionVC.

The London-based platform was founded in 2016 by Aron Alexander after he received a £5 paper gift card refund in the mail, demonstrating an industry running on legacy systems.

Alexander’s firm offers a cloud-based alternative built on open API technology which allows businesses to automate a digital alternative to paper while collecting more precise analytics on client’s marketing campaigns.

Existing investors in the firm including Stride.vc SAP.iO fund and Unilever Ventures participated with significant follow on financing,.

 Following the fundraise, Ed Lascelles, General Partner at AlbionVC, will join WeGift’s Board of Directors.

The funds will be used to continue WeGift’s investment in building its supply chain through direct integrations with brands, and product development that serves corporate marketing teams looking to acquire, activate and retain customers at scale.

Founder and CEO Alexander said: “We are disrupting a broken market on a global scale, and this investment, together with our partnerships with Albion VC, Unilever Ventures, SAP.iO Fund and Stride.vc, is an instrumental step forward in achieving our vision.”

Ed Lascelles, Partner at AlbionVC added: “The gifting and incentives market is enormous but is still largely based on 20th century infrastructure.

“WeGift’s real time, API-first platform transforms the user experience, underpinning exceptional growth even in this difficult economic climate. We are delighted to support Aron and his team as they build on their early success.”