February 6, 2020
MUNICH – (THE SAASGARAGE) – Loyalty Prime, an international provider of enterprise loyalty program solutions has closed its 5.5 million dollar Series B to drive the development of its next generation AI-based loyalty software. The funding was led by Hi inov, an international VC fund focused on digital innovation and supported by the existing investors BayBG Bayerische Beteiligungsgesellschaft, Senovo, UVC Partners and The SaaSgarage (Alexander Bruehl).
Founded 2014 in Munich, Germany, Loyalty Prime has quickly developed itself into a leading loyalty program tech provider, serving blue-chip companies around the globe from a wide range of industries. While Loyalty Prime’s Series A in 2018 was successfully used to accelerate the company’s rapid international expansion, the Series B will additionally help to drive Loyalty Prime’s latest product innovation project, the full and smart automation of loyalty program management via their next generation cloud-native loyalty platform based on artificial intelligence. The product development is led out of Germany by Jan Riedel, a software engineer virtuoso and veteran, who Loyalty Prime was able to win as their new CTO at the beginning of 2019.
Riedel summarizes: “We will be extending the power of AI to all aspects of loyalty program management with our next generation SaaS platform. Using advanced machine learning techniques, Loyalty Prime’s AI will maximise efficiency and effectiveness of loyalty program business rule creation, segmentation and personalisation, next best offer management, and fraud prevention, to name a few.”
Christoph Straub, Loyalty Prime’s founder and CEO is excited about this new chapter of his company. “This is an entirely new level of service we will be able to provide to our customers, helping to unleash the immense power of loyalty programs, creating maximum results, reducing the need for human intervention to a minimum. This will be clearly disruptive and unique to the multi-billion Euro / US loyalty industry.”
Hi inov is very pleased about the latest addition to its portfolio. As Wolfgang Krause, Managing Partner at High inov summarizes: “Our VC fund is specialized in supporting innovative tech startups that provide exciting digital transformation solutions to companies around the globe. We chose to invest in Loyalty Prime as it provides an effective solution to deliver on the widely preached but seldomly fulfilled promise in data-driven marketing and personalization: being able to provide “the right offer to the right person at the right time, in the right channel and with the right message for impactful business results.”
About Loyalty Prime
With its award-winning enterprise SaaS platform ‘Prime Cloud’, Loyalty Prime provides a uniquely flexible solution to quickly and efficiently set up and profitably run omnichannel loyalty programs (GDPR-compliant if/as required). In addition to Prime Cloud’s rich feature-set, clients also benefit from Loyalty Prime’s extensive customer loyalty consulting expertise. Since the company was founded in 2014, it has helped dozens of blue-chip companies from a wide range of industries establish some of the leading reward programs in their respective industry sectors. Since the beginning of 2019 Loyalty Prime is driving the next generation of their SaaS platform to enable fully automated loyalty program management based on artificial intelligence.
About Hi inov
Founded in 2012 by Pierre-Henri Dentressangle (Chairman) and Valérie Gombart (CEO), Hi inov SAS is managing €170 million of capital from corporates and entrepreneurs. Hi inov targets young innovative companies in the digital B2B economy, especially in the areas of e-services, mobile Internet and IoT, point-of-sale and data technologies, and SaaS software dedicated to the digitalization of companies. Hi inov also manages SNCF Digital Ventures, a corporate fund intended to invest in startups that accelerate the group’s digital transformation.
About BayBG Venture Capital
With its venture capital team, BayBG Bayerische Beteiligungsgesellschaft mbH, Munich, invests in Series A financing rounds and subsequent tech start-ups. The venture capital portfolio currently consists of 31 technology companies. With an invested volume of more than EUR 300 million, BayBG is one of the major venture capital and investment companies in Germany. In addition to venture capital for start-ups, BayBG offers small and medium-sized companies equity capital (equity and/or mezzanine) across all company phases and financing opportunities. BayBG thus enables the implementation of innovation and growth projects, the optimization of the capital structure or the regulation of company succession planning.
Senovo is a Munich and Berlin based early stage venture capital fund with a focus on B2B SaaS Investments. The Senovo team believes that SaaS should be the dominant model for delivering software and is thrilled about the great market opportunities which are continuously created by the secular shift towards SaaS. Senovo funds outstanding entrepreneurs and teams building world class products and generally gets involved soon after product launch.
About Unternehmertum Venture Capital Partners
Unternehmertum Venture Capital Partners (UVC Partners) is a Munich- and Berlin-based early-stage venture capital firm that invests in technology-based startups in the areas of industrial technologies, enterprise software and mobility. The fund typically invests between € 0.5 – 3m initially and up to € 12m in total per company. Portfolio companies benefit from the extensive investment and exit experience of the management team as well as from the close cooperation with UnternehmerTUM, Europe’s leading innovation and business creation center. With over 180 employees and more than 100 industry partners, UnternehmerTUM can draw from many years of experience in establishing young companies. This cooperation enables UVC Partners to offer startups unique access to talent, industry customers, and other financial partners. The portfolio includes investments such as Blickfeld, Carjump (Free2Move), FlixBus, KONUX, TWAICE and Vimcar.
About The SaaSgarage
The SaaSgarage is a collective term for all of Alexander Bruehl’s Business Angel activities from co-founding, mentoring, coaching to investing in seed stage companies, who deliver software via the internet/cloud, and charge monthly or annual recurring subscription fees, better known as SaaS ( Software as a Service) companies. Since 2008 a number of leading European SaaS companies, e.g. Contentful, Riskmethods, FreeAgent, Softgarden, Geckoboard, took advantage of The SaaSgarage’s unique cooperation model: They refined and shaped their business-, execution- and funding strategy, before they’ve hit the global roads in full speed.