Customer loyalty software developer Antavo has raised £8.7m to expand its global presence and secure more clients.
The London-based company’s suite of products are used by the likes of KFC, Brewdog and BMW to run unique customer loyalty programmes to incentivise repeat business.
In addition to traditional loyalty offerings, such as purchasing a certain amount of a product to earn rewards, Antavo encourages brands to explore “experience-based” programmes.
Antavo gave the example of an activewear equipment brand giving out reward points to customers for completing hikes and climbs. Participating brands can integrate Antavo’s API into their websites and apps. It also provides a no-code loyalty engine for businesses to take a “swiss-army-knife approach” to creating bespoke services.
Founded in 2012 by four Hungarians, the company received its initial funding from Seedcamp.
“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 Antavo co-founder and CEO, Attila Kecsmar.
“In the post-pandemic world, loyalty programs are having a renaissance in providing this embedded brand love.”
The Series A funding round was led by Euroventures and featured participation from Lead Ventures, iEurope, and Innovation Nest.
“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 programs,” said Zoltan Toth, partner at Euroventures.
“Antavo has tremendous growth potential. We are excited to help the team to grab this opportunity and expand its services globally.”