Latest oversubscribed funding round will enable Coniq to bring customer loyalty to retail destinations worldwide
Coniq announced it has secured £6.4 million of growth equity to meet the growing demand for its award-winning CRM and loyalty platform used by the world’s leading shopping malls, outlets and brands.
The round was led by Guinness Asset Management with Maven Capital Partners, and participation from existing investors Venrex Investment Management. High profile angel investors, including Greg Marsh the founder of OneFineStay, also invested as part of this round.
Coniq’s market-leading iQ Platform radically simplifies launching shopper engagement and loyalty programmes. This enables marketers to effectively and quickly increase sales by leveraging proprietary customer loyalty data, to understand and anticipate the purchasing behaviour and intent of shoppers. Coniq powers over £1 billion of sales annually for its customers, with more than 17 million consumers in 24 countries globally relying on the Coniq iQ Platform to benefit from rewards and experiences from retail destination landlords and their tenants. Coniq’s technology helps its clients to build rich relationships with their customers, delivering an average increase in sales per customer by 32%.
Coniq will use the investment to accelerate its technical development, including additional AI-driven product capabilities to automate customer loyalty activities; hiring marketing, sales and client success professionals, and expand internationally with new offices in Chicago, Warsaw and Barcelona.
The fast-growing global customer loyalty management market is expected to be worth $7 billion by 2023 and is driven by retailer destinations seeking to win and retain customers.
Ben Chesser, Chief Executive Officer and founder of Coniq, said: “We are delighted to be partnering with Guinness and Maven. This investment will be used to transform the future of the offline retail industry, which has struggled over the years to counter competition from online players, by building on our success with our award-winning technology. We are already recognised as the market leader in the mall loyalty CRM sector and this investment will help extend our reach and meet the growing needs and expectations of shopping malls, outlets and brands seeking advanced customer loyalty capabilities.”
As part of the transaction Hugo Vaux, Fund Manager at Guinness Asset Management will join the board of Coniq, with Adam Bunch, Investment Manager at Maven Capital Partners joining as an observer.
Jamie Waldegrave, Chief Financial Officer of Coniq, said: “We’re very excited to add to our board – we think both Guinness and Maven will be fantastic partners for us in the years ahead. With our new investors, we will be able to accelerate our growth in a capital efficient manner, without compromising on our sustainable business model. It’s incredibly important to us as we grow that we do so in a way that builds a profitable business in the long run – one that our clients, employees and shareholders can all rely on.”
Hugo Vaux, Fund Manager at Guinness Asset Management, said: “We’re very excited to partner with Coniq to help them scale up and realise their full potential. The shopping mall industry is undergoing huge change and is underserved by good technology. Coniq are changing the way the industry operates and we believe their innovative technology, competitive strengths and excellent market position will drive significant returns.”
Adam Bunch, Investment Manager at Maven Capital Partners, said:
“Coniq has a proven model, demonstrating traction in the market, with strong recurring revenues and an impressive pipeline of new business. Ben and his senior management team at Coniq are also highly experienced and have a robust strategy to grow the business through international sales. As an investor in some of the UK’s most ambitious smaller companies, Maven is excited to partner with Coniq and help support the business with its expansion into new markets.”
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