MUNICH, November 29, 2018
MUNICH, November 29, 2018 /PRNewswire/ --
The Loyalty Prime Group, a leading provider of SaaS-based loyalty platforms, has completed another seven-figure funding round. The investors are Bayerische Beteiligungsgesellschaft (BayBG), which is a new investor in the company, and the existing consortium of investors - including Senovo, UVC Partners and business angel Alexander Bruehl - that has been in place since 2017 and is now further increasing its involvement. The capital is mainly being invested in Loyalty Prime's rapid international expansion, especially in the USA, as well as within product innovation and development.
High-performance IT solutions to run loyalty programs continue to be in strong demand by companies around the globe. It is a billion-euro market, in which the SaaS company Loyalty Prime, based in Munich, London, Atlanta and New Delhi, is continuously expanding. With its award-winning enterprise SaaS platform 'Prime Cloud', Loyalty Prime provides medium to large enterprises around the world with a uniquely flexible solution to quickly and efficiently set up and profitably run loyalty programs of any type and complexity.
Since it was founded by the two customer loyalty and IT experts Christoph Straub and Kunal Mohiuddin in 2014, Loyalty Prime has won numerous blue chip companies from a wide variety of industries (including retail & e-commerce, travel & hotel, automotive, TV & entertainment as well as consumer goods) as satisfied customers. After another successful financial year in 2018, which for example witnessed an increase in revenues of 80 percent, the market entry in the USA and a doubling of customers, Loyalty Prime has now secured a solid financial basis for its rapid international expansion and product innovations in 2019.
The funding round is financed by BayBG, which newly joins the consortium of renowned Loyalty Prime investors, as well as Senovo, UVC Partners and angel investor Alexander Bruehl, who have been backing the successful development of Loyalty Prime's enterprise loyalty products since 2017.
BayBG investment manager Andreas Heubl sums up as follows: "Within just a few years, Loyalty Prime has grown from being a start-up into a leading global provider of loyalty program solutions. Since 2014, the company has been continuously demonstrating that its products can successfully satisfy the strong demand for effective customer loyalty solutions. We are thus very pleased to welcome Loyalty Prime into our investment portfolio."
Loyalty Prime founder and CEO Christoph Straub adds: "We are proud to have won BayBG as another experienced investor. We will use the additional capital to expand our high-performing, international team, push on with our product innovations and further expand our position as one of the world's leading providers of SaaS loyalty solutions."
About Loyalty Prime
With its award-winning Prime Cloud enterprise SaaS platform, Loyalty Prime provides medium to large enterprises around the world with a uniquely flexible solution to quickly and efficiently set up and profitably run omnichannel loyalty programs of any type and complexity (of course GDPR-compliant if/as required). In addition to Prime Cloud's rich feature-set, clients also benefit from Loyalty Prime's extensive customer loyalty consulting expertise. Since the company was founded in 2014, its currently 80-strong, international team has helped numerous blue chip companies from a wide range of industries establish some of the leading reward programs in their respective industry sectors.
With an invested volume of more than 300 million euros, BayBG Bayerische Beteiligungsgesellschaft is one of the largest equity investors in Bavarian SMEs. With its venture capital and shareholding investments, which it provides in the form of equity capital and mezzanine financing, it enables SMEs to implement innovation and growth projects, manage corporate succession and optimise their capital structure.
Senovo is a Munich and Berlin based early stage venture capital fund with a focus on B2B SaaS Investments. The Senovo team believes that SaaS should be the dominant model for delivering software and is thrilled about the great market opportunities which are continuously created by the secular shift towards SaaS. Senovo funds outstanding entrepreneurs and teams building world class products and generally gets involved soon after product launch.
About Unternehmertum Venture Capital Partners
UVC Partners is an early-stage venture capitalist that invests specifically in technology-based start-ups based in German-speaking regions. UVC Partners focuses on companies in the fields of industrial technologies, enterprise software and mobility. Portfolio companies benefit from the close cooperation with UnternehmerTUM, Europe's leading innovation centre. With over 180 employees and more than 100 industrial partners, UnternehmerTUM has many years of experience in helping young companies become established. The partnership allows UVC Partners to provide start-ups with unique access to talent, customers and partners.
About Alexander Bruehl - SaaSgarage.com
Alexander Bruehl is a renowned SaaS expert and active business angel. He himself founded a software company, before becoming a senior partner of the international venture capital firm Atlas Venture, where he led the German office for ten years. Since 2009, he has helped founders of SaaS companies to overcome various challenges in the start-up phase, including planning and implementing suitable financing strategies. He is an active seed investor in many leading European SaaS companies, including Contentful, Riskmethods, FreeAgent, Softgarden and Geckoboard.