Hospitality technology platform LOKE has raised GBP2.85 million in a funding round led by Guinness Asset Management.
LOKE provides hospitality and retail businesses a sales and marketing platform designed to create new revenue channels, increase the average order value, frequency of transactions and reduce labour costs. This is achieved via a suite of digital sales and marketing tools powered by a bespoke rewards and promotion engine.
LOKE’s platform ‘democratises’ technology previously only available to the world’s biggest brands to any hospitality or retail business. With eight years of experience developing solutions, its expertise has helped support SMEs thrive during and post Covid in markets spanning the globe.
The intuitive marketing platform simplifies the automation of personalised customer journeys, rewards and communication. It improves the customer’s experience at multiple touchpoints including digital ordering from table, mobile payments, to collection and delivery.
LOKE has an integrated network of independent third-party drivers that offers hospitality businesses a cost-competitive alternative for delivery, saving businesses up to 80 per cent in cost while protecting their customer information. This is important because restaurants can pay up to 30 per cent of their revenue to consumer delivery apps, who then also have access to their customer data.
LOKE’s customers include Baskin Robbins, City Pub Group, Australian Venue Co, Ya Kun Kaya Toast, Shake Shack and Greene King, along with hundreds of others ranging from single site businesses to groups with 200+ locations.
With successful operations in the UK, Australia, Singapore and New Zealand, LOKE experienced significant revenue growth of around 250 per cent over the last financial year and a staggering 283 per cent in transactional volume per month. With strong interest from new markets where a single platform solution is rare, LOKE will be investing to further to enhance the product while expanding to new European markets.
Hugo Vaux, Fund Manager at Guinness Asset Management, says: “Guinness is extremely pleased to be supporting LOKE during this exciting time of growth, expansion, and product development. LOKE has a unique data-driven loyalty proposition that makes a huge difference in helping hospitality SMEs boost customer spend and retention. We’ve been particularly impressed by the management team who have been very successful in driving the company forward, and their proven track record of international expansion. We are very much looking forward to working with them as they embark on the next stage of their growth.”
LOKE’s Co-Chief Executive Officer, Matt Khoury, says: “It is not simply ordering technology that will create sustainability or revenue growth for operators. Businesses need to adapt to consumer trends allowing for new and enhanced ways for customers to pay and interact whilst learning preferences and behaviours that personalise and influence the customer experience. This is what leading brands do; and is what LOKE has created for SMEs ensuring they can compete in a saturated market providing the necessary tools for growth.
“Big name delivery apps’ models are not always sustainable for small businesses, placing too much financial pressure on owners who are already struggling to keep open during COVID. LOKE’s platform provides an alternative, allowing the operator to take back control, reduce costs and provide a much better customer experience.”
LOKE client Toby Smith, Chief Operating Officer, The City Pub Group, says: “LOKE is an important partner in our growing business, providing the platform for our customers to transact both online and in our pubs. LOKE’s omni-channel market leading approach gives our business an opportunity to interact with our customers and we are delighted with the progress that the team has made in such a short time.”