springbig Announces 2021 Financial Highlights and Nominees for Post-Business Combination Board of Directors

-Achieves Strong 58% YoY Revenue Growth

-Anticipates Closing Previously Announced Business Combination in Q2

-Announces Nominees to the Board for Post-Business Combination Company

springbig , a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, reported financial results for its fiscal year ended December 31, 2021. The Company also announced nominees for election to its post-business combination Board of Directors at the general meeting of shareholders to approve the previously announced business combination with Tuatara Capital Acquisition Corporation (“TCAC”), which is expected to occur in the second quarter of the year.

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FY2021 Financial and Operational Highlights

  • Strong YoY revenue growth of 58% to $24 million in 2021 from $15 million in 2020
  • Gross margin improved by 4% YoY to 71% in 2021 from 67% in 2020
  • Retail client base increased by 63% from 759 in 2020 to 1,240 in 2021
  • Category-leading net dollar retention of 110% driven by a proven business model customer loyalty and increasing demand for springbig’s software
  • Distributed 1.9 billion standardized client messages in 2021, a YoY increase of 56%
  • Ranked 69th in the Inc. 5000’s 2021 Top Private Companies in America

Jeffrey Harris, Chief Executive Officer and Co-Founder of springbig, said: “2021 has been an extremely successful year for springbig having executed on our growth objectives across several key areas of the business. By making investments to further differentiate our platform and enhance our unique offerings, we significantly increased our retailer customer base and have grown our relationships with many customers. We have seen encouraging initial traction in expanding our offerings to service cannabis brands and are excited at the future opportunity in that segment, while our entrance into Canada early in the year has led to significant growth in that market. Importantly, our revenue growth was excellent, and our net retention rate continues to be at a category-leading level. I am extremely proud of what our team has accomplished over the past year, and I thank them for their hard work and dedication.”

Jeffrey Harris continued, “Looking ahead, we will continue to scale our business and bolster our platform capabilities to drive organic growth in both new and existing markets as the industry continues to evolve. We expect the closing of our business combination with TCAC to accelerate our growth trajectory by providing access to the capital markets and the ability to secure additional sources of funding. This will help us to continue to expand organically while also exploring M&A opportunities that can further our development of a true cannabis technology ecosystem across loyalty, data analytics, advertising, and other marketing and consumer experience verticals.”

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Board Composition

The nominees for election to the post-business combination Board of Directors will bring extensive expertise across strategy, finance, business operations, public company governance, and the cannabis industry. The nominees for election to the Board of Directors are:

  • Jeffrey HarrisCo-Founder, Chief Executive Officer of springbig.
  • Sergey ShermanManaging Director, Investments at Tuatara Capital, L.P., a cannabis-focused private investment firm, and former executive at Société Générale, RBC Capital Markets, and J.P. Morgan.
  • Steve BernsteinChairman, Founder, and former CEO of SBA Communications Corp, a Nasdaq-listed company and constituent of the S&P 500.
  • Patricia GlassfordFormer Chief Financial Officer of numerous businesses in the General Electric Company, including NBC Universal Studios & Parks and GE Capital Treasury.
  • Amanda LannertChief Executive Officer of Jellyvision, a privately held, innovative SaaS business providing an employee benefits guidance platform.
  • Phil SchwarzPrincipal at Corazon Capital and former CMO of Tinder and executive at Match Group up to and beyond its IPO.
  • Jon TraubenCo-Founder and Partner at Altitude Investment Management, a private fund investing in the global cannabis industry, and a former executive at Barclays, Credit Suisse, and Cantor Fitzgerald.

Jeffrey Harris is expected to be appointed as Chairman of the Board of Directors. Patricia GlassfordSteve Bernstein, and Amanda Lannert are expected to Chair the Audit, Compensation, and Corporate Governance and Nominating committees, respectively.

Jeffrey Harris added, “Establishing a strong, experienced Board of Directors is an important step as we continue our preparations to become a public company and ensure we implement appropriate corporate governance practices. We are delighted to be able to bring together this group of esteemed individuals who will be invaluable on our growth journey, and we look forward to benefiting from their broad range of perspectives, expertise, and insights.”

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