What does Loyalty Bay do?
Loyalty Bay, is a startup which is a market place where consumers can buy and sell their unused gift cards. The company’s software makes converting more sales and signups easy. The company was born out of an itch which they had to scratch when they were running their own wine e-commerce site. The wine was often used as an incentive on very huge price comparison websites, but it was ever amazing them how untargeted these incentive were ad not everyone likes wine. Most of the people, when given gift cards, forget to spend them or there is a use by date. However, they remain popular, with a lot of people buying gift cards and vouchers in place of presents. Thus, most of the players make money from non-redemption. This is not good for the gift providers and the users.
How much Loyalty bay was founded?
Loyalty Bay raised $1M in Seed round on August 16, 2015 from Chris Mairs, Neon Adventures, Howzat Partners, Talis Capital and Richard Verney
£32k in Angel round on February 28, 2014 from Forward Partners (Lead) and Neon Adventures
What is next for Loyalty Bay?
The company has raised a total of $1.1M to date. The latest $1M round of funding will used for powering its service, which helps businesses in increasing any conversion metric on their web properties using rewards and data.
More about Loyalty Bay
Loyalty Bay has its headquarters in London. The company uses rewards and data such as incentives and gift cards for incentivizing any actions like referral, signup and reducing churn on a website for increasing the conversions. The company helps in increasing every conversion metric which includes referrals, product up sell etc. The company uses data for intelligently incentivizing actions and understanding the users much better.