Loyalty Prime, the unique SaaS loyalty platform provider, has managed to close its $1.59 million Series A funding round. The German SaaS provider scooped the Series A funding round from Senovo, Unternehmertum Venture Capital (UVC) and angel investor Alexander Bruehl. The capital will be used to expand its existing enterprise SaaS offerings and grow business across Asia, Europe, and North America.
Christoph Straub, Managing Director at Loyalty Prime said, “We at Loyalty Prime are thrilled to have found the perfect set of investors in Senovo, UVC and Alexander Bruehl, who bring the right balance of SaaS experience and growth financing, which will help us to accelerate our growth story.”
“Loyalty Prime has proven that its excellent and innovative product is the right answer to today’s needs of a modern loyalty program.” said Johannes von Borries, Managing Director at UVC.
Loyalty Prime currently offers a unique SaaS cloud platform that serves global clients running customized loyalty programs in different business categories. It offers a flexible feature-rich platform with a quick launch module delivering intuitive UX. Loyalty campaigners and marketers can curate flexible promotion plans using built-in CRM features that allow setting up of an unlimited number of status levels. It depends on the number of points earned, the frequency of transactions, the amount spent and cash-back offers availed.
Founded in 2014, Loyalty Prime enables its customers to do much more than a simple earn and redemption processes. It provides all necessary business rules and maximum flexibility for managing high performing loyalty programs. Multiple APIs provide ease of integration to front-end channels, campaign management, and other IT systems.
In 2017, social listening and CRM automation are speculated to become the most productive marketing hooks for campaigners. Loyalty programs can significantly help generate a higher ROI from these platforms. How? It costs 500% more to acquire new users than retaining the existing ones. A SaaS loyalty platform can significantly lower the customer churn rate, provide customized loyalty programs with transactional rewards and redemption offers across channels. The fresh funding will enable the Munich-based company to bring in a fresh series of product innovation in the loyalty program marketplace.