WeGift, the London-based startup that has built a “marketing incentive” platform that allows businesses to easily issue electronic gift cards and other digital rewards to customers, has raised $ 8 million in new funding.
After a Serie A expansion, the tour is led by AlbionVC. Existing investors including Stride.vc, the SAP.iO fund and Unilever Ventures have also followed suit. Following the fundraiser, Ed Lascelles, general partner of AlbionVC, joins the WeGift board.
WeGift says it will use the additional capital to continue to build its “real-time infrastructure” for digital rewards and incentives. This will include investments in building its supply chain through direct integrations with brands, and product development “that serves marketing teams seeking to acquire, activate and retain customers on a scale”.
Founded in 2016 by Aron Alexander, WeGift aims to digitalize the $ 700 billion rewards and incentives industry, which is largely still fueled by ancient systems built for physical gift cards.
“Currently payments are a one-way street,” says Alexander of WeGift he told TechCrunch in June. “Payment technology is built to allow businesses to take money from consumers, but it doesn’t let companies send money to consumers.
“We have created a new category of non-cash digital rewards to enhance the acquisition, retention and loyalty of customers around the world: the ‘Twilio for e-gift cards’.”
To do this, WeGift offers a cloud-based “open API” platform that allows companies to automate the delivery of digital incentives. This is combined with analytics, which facilitates the tracking of ROI in incentive marketing campaigns.
Since the last initial coverage, WeGift has expanded its network to more than 700 brand partners (including Nike and Uber), in 30 markets and 20 currencies. He says “hundreds of customers,” such as Vodafone, Samsung, Vouchercodes, Perkbox and Sodexo, among others.
“We have become the favorites of the telecom and energy industry with companies like Vodafone, Utility, LookAfterMyBills and E.ON using our platform,” Alexander tells me.
WeGift reports 317% in annual revenue growth, but does not provide actual revenue numbers. In particular, the company has also opened an office in New York.