Every business, in some way, wants to acquire, retain, and thank its customers for using their services or products. According to digital rewards platform WeGift, sending rewards, incentives, and non-cash payouts manually are expensive, time-consuming, and error-prone. This is where the company steps in and wants to make a difference.
WeGift raises €6.7M
London-based WeGift, a digital rewards platform that issues e-gift cards and other digital rewards to its customers, has raised $8M (approx €6.7M) in a fresh round of funding.
This is a Series A extension round led by AlbionVC. Besides, existing investors including Stride.vc, SAP.iO fund and Unilever Ventures have also participated in this round. With this development, Ed Lascelles, general partner at AlbionVC, will join WeGift’s board of directors.
Use of the raised funds
The company aims to create a real-time infrastructure for digital rewards and incentives. With the raised capital, WeGift will continue 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.
The company was founded in 2016 by Aron Alexander after he received a £5 (approx €5.61) paper gift card refund in the mail, which remained on his wall for four years. He has been on a mission since then as he realised that the $700B (approx €588.58B) rewards and incentives industry was running on old systems built for physical gift cards, while the entire world was going digital.
WeGift claims to be transforming the rewards and incentive industry using a secure, cloud-based, open API technology platform that allows businesses to automate sending digital incentives in real-time. Besides, the company also provides its clients with analytics on their incentive marketing campaigns, helping them to understand their customers and build stronger relationships.
Currently, WeGift is operational in over 30 countries, in 22 languages, 20 currencies, has partnered up with over 700 brands. Its clients include Vodafone, Samsung, Vouchercodes, Perkbox, and Sodexo, among others.
Speaking about the market and the company’s development, founder and CEO Aron Alexander explains, “Historically businesses had to spend thousands of hours a year manually buying and distributing digital rewards. WeGift helps companies intelligently automate this process to power new customer acquisition and retention campaigns. We give them instant access to a huge choice of rewards and payouts. We are disrupting a broken market on a global scale, and this investment is an instrumental step forward in achieving our vision.”
Image credit: WeGift