UK-based Loyalty Bay has raised USD1 million in a late seed funding round led by Talis Capital with Howzat Partners, NEON Adventures, Chris Mairs and Richard Verney all participating. Matus Maar has joined the board as Investor Director.
Loyalty Bay enables businesses to reward and incentivise any action (i.e. sale, signup, retention, referral, cross sell, up sell etc.) taken on the business's site through their smart white-labelled API, Super Users product (it identifies your super users from an email address) and Rewards Hub. Data analytics is used to offer the right reward or incentive to the right person at the right time to drive actions, essentially providing analytics to a neglected but vast segment of ecommerce.
They offer complete fulfilment and have turned what was once a slow, laborious unscientific process (mailing out incentives) into a real-time data driven digital solution. Loyalty Bay call it Rewards as a Service (RaaS).
CEO William Roberts says: “We marry the gift card and incentive sector up with ad technology to increase onsite conversions. If Loyalty Bay can offer the right incentive to the right person at the right time in order to get them to convert on a client’s site, conversions can be significantly improved. We have increased the conversion rate by over 100 per cent working with some very large enterprise clients.”
Loyalty Bay already works with enterprise customers and SMEs in the Telecommunications, Finance, Travel and Automotive industries, although the product suite can be applied to any verticals that can benefit from data analytics and incentives to improve conversion rates.
Matus Maar (pictured), co-founder and Director of Talis Capital explained “data analytics platforms for enterprises remain a key focus for Talis Capital, especially businesses such as Loyalty Bay which can drive significant improvements in conversion rates. We are excited to partner with the team during this period of exceptional growth.”
Vasile Foca, co-founded and Director of Talis Capital added “Loyalty Bay have made impressive progress in delivering an enterprise grade solution in a manner accessible to SMEs. Data analytics and optimisation tools are already a necessity for businesses seeking to better understand their customers, we are pleased to announce Loyalty Bay as our tenth transaction of 2015.”
