Enterprise loyalty cloud platform Antavo has raised an £8.7 million Series A round of funding.
The no-code cloud platform provides brands with a new format that enables far more creativity and management without the need for IT resources.
Drag-and-drop interfaces and visual editors, facilitate quick and easy changes to provide users with next-generation loyalty programmes featuring gamification, social interactions and lifestyle engagement.
The funding was led by Euroventures alongside Lead Ventures, iEurope and Innovation Nest and private investors including Zoltan Vardy.
The company says it will enable it to integrate with more apps and platforms while expanding its global presence.
In 2022, the company signed major global brand customers including BMW, KFC, Kathmandu and BrewDog, resulting in 3.2X year-on-year growth and a three-fold increase in headcount.
“All enterprises today need more creative and direct ways to engage their customers beyond transactions to keep their market share, even if the spend is declining precipitously,” said Attila Kecsmar, co-founder and CEO of Antavo.
“In the post-pandemic world, loyalty programmes are having a renaissance in providing this embedded brand love. Antavo understands this, as do our investors, and we are excited to receive their backing.”
Zoltan Toth, partner at Euroventures, said: “We believe that current market trends of increasing customer acquisition cost, unlimited choice for consumers and the increasing difficulty to acquire relevant consumer data magnifies the importance of customer engagement and loyalty programmes.
“Antavo has tremendous growth potential. We are excited to help the team to grab this opportunity and expand its services globally and meet the challenges of a growing organisation and client base.”
Rip Curl CCO Michael Scott commented: “At Rip Curl we have identified a pretty major opportunity for us to build the largest and most engaged surfing community in the world. This is what our membership programme has been designed to do – and thanks to Antavo we can deliver more personalised messages at scale.
“We’re thrilled that Antavo is expanding its presence globally as we invest in more innovative ways to ensure our retail brand remains future-fit as we continue to evolve our brand to engage, inspire, educate and entertain our community.”
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