London-based Antavo Enterprise Loyalty Cloud, an enterprise-grade SaaS loyalty technology provider, announced on Wednesday that it has raised €10M in a Series A round of funding. The investment was led by Euroventures alongside Lead Ventures, iEurope and Innovation Nest, and private investors, including Zoltan Vardy.
Zoltan Toth, Partner at Euroventures, says, “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.”
Capital utilisation
With the raised funding, Antavo says it will be able to maintain its technological advancements and grow its worldwide footprint while enhancing its omnichannel capabilities and platform and app connectivity.
Attila Kecsmar, co-founder and CEO of Antavo, says, “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. 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.”
Zsuzsa Kecsmar, co-founder and Chief Strategy Officer of Antavo, adds, “Antavo saw incredible growth last year, which, along with the dynamic loyalty programme landscape change, brought us to a rebrand as Enterprise Loyalty Cloud. This refreshed position better encompasses the company’s goal and the support of our investors in our Series A round means we can continue to develop a powerful, world-first SaaS loyalty product that encourages and nurtures lasting brand love through differentiation and unique lifestyle engagement.”
With the addition of large worldwide brand clients, including BMW, KFC, Kathmandu, and BrewDog in 2022, the firm saw 3.2X year-over-year growth and a threefold rise in its workforce.
API-Centric, no-code Enterprise Loyalty Cloud
Founded in 2012 by Andras Nemes, Attila Kecsmar and Zsuzsa Kecsmar, Antavo is an Enterprise Loyalty Cloud, that provides technology to manage experience-based, paid, and lifestyle loyalty programmes online, in-store, or on mobile.
The company’s no-code, API-centric platform enables marketing and loyalty teams to conduct completely customised programmes and handle internal management of them without any assistance from IT. The company develops new products every three months and invests 60 per cent of its income in them.
According to Antavo’s Global Customer Loyalty Report 2022, 82 per cent of businesses plan to double down on loyalty in the next three years.
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