WeGift, the digital incentives platform whose clients range from global corporates to SMEs has secured $8m in new funding by way of a Series A extension, led by AlbionVC.
Existing investors including Stride.vc, SAP.iO fund and Unilever Ventures participated with significant follow on financing, signalling their continued conviction in WeGift’s vision to transform how businesses and consumers send and spend money. Following the fundraise, Ed Lascelles, General Partner at AlbionVC, will join WeGift’s Board of Directors.
This investment round will help WeGift deliver on its vision of creating the world’s first real-time infrastructure for digital rewards and incentives. The funds will be used to continue WeGift’s investment in 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.
WeGift was founded in 2016 by Aron Alexander after he received a £5 paper gift card refund in the mail prompting his realisation that the $700 billion rewards and incentives industry was running on legacy systems that were built for physical gift cards while the entire world was going digital.
WeGift is transforming the rewards and incentive industry using a secure, cloud-based, open API technology platform which allows businesses to automate sending digital incentives in real-time. At the same time, WeGift provides companies with powerful analytics on their incentive marketing campaigns, enabling them to better understand their customers and build stronger relationships.
Founder and CEO Aron Alexander commented: “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, an ever-growing network of more than 700 brand partners, across 30 markets and 20 currencies. We are disrupting a broken market on a global scale, and this investment, together with our partnerships with Albion VC, Unilever Ventures, SAP.iO Fund and Stride.vc, is an instrumental step forward in achieving our vision.”
Ed Lascalles, Partner at AlbionVC said, “The gifting and incentives market is enormous but is still largely based on 20th century infrastructure. WeGift’s real time, API-first platform transforms the user experience, underpinning exceptional growth even in this difficult economic climate. We are delighted to support Aron and his team as they build on their early success.”
Fred Destin, Founder Stride.VC commented: “”WeGift has built the best product in this market, assembled a fantastic, highly diverse team and is building a strong, sustainable business around digital incentives, branded currencies and the brave new world of digital payouts. This is just the start. Delighted to be backing this team again.”
WeGift Customer – Vodafone, Head of Affiliates, Cai Mullins added, “WeGift’s Incentive Marketing platform has unlocked a world of possibilities for Vodafone and were exactly what we needed to drive new revenue.”