Insert Coin raises €4.3M to help companies increase user engagement using gamification; here’s how

Scandinavia-based Insert Coin, a B2B SaaS provider of gamification technology, expertise and engagement data, announced that it has raised SEK 45M (approximately €4.29M) in a funding round from Evolution Gaming founder Fredrik Osterberg via Fros Ventures, and others.

Insert Coin aims to help companies with digital products to create strong engagement and succeed in retaining their customers.

Evolution Gaming founder Fredrik Osterberg says, “We find technology within engagement and retention, which Insert Coin is challenging in, highly interesting and it feels very exciting to join as an owner in this company for the continued growth journey.”

Engage your users with gamification

Founded in 2018 by Bjorn Evers and Carl Bjerkne, Insert Coin is a gamification company that offers Gamification-as-a-Service (GaaS) and knowledge sharing in partnership with science-based research projects.

The company says, “We believe gamification can change how people behave in digital products. And we want the transformation to happen in the proper way – through disruptive innovation, science-based and transparent communication with clients and research departments, and by adapting to customer needs.”

The company has created a gamification platform/API that offers engagement mechanisms such as achievements, levels, leaderboards, rewards, etc. as well as an AI that optimises the customer’s choice and balance. The AI uses knowledge from millions of users and how they behave in different products and industries.

Co-founder Carl Bjerkne says, “It’s expensive to chase new customers and too many lose too many of the customers they do manage to get. We need to get better at capturing the customer’s attention immediately and creating engagement right from the onboarding of new users.”

Insert Coin says it can provide customers with engagement data that answers what needs to be done to engage their users, as well as offer the right tools required to get it in place in the product. The company reports that the majority of customers confirm at least a 20 per cent increase in retention, and often much more than that.

The company’s API and platform, GWEN (Gamify the World Engine), already has 13 million users, including leading sports fan app Socios.com, Austrian bank Raiffeisen, and Roblox challenger HiberWorld.

Capital utilisation

The proceeds will help Insert Coin to hire more talents in its tech, sales and marketing fields in order to take the next step in its platform strategy. This summer, the company will release a freemium version of GWEN that customers can sign up for and test on their own at no cost. The goal is to reach 25 million users on the platform by 2022.

Co-founder Carl Bjerkne says, “I am incredibly pleased that we have secured our round in a strong way even in these special times and that we have got such knowledgeable investors who both see the potential and have made the journey themselves.”