Digital rewards platform WeGift announced that it has raised £4 million (nearly $5.07 million USD) in Series A funding, led by Fred Destin at Stride.VC, who is also joining the company's board of directors. Additional high-profile investors included SAP.iO and Unilever Ventures, as well as new angel investors, carwow Founder James Hind and Onfido Co-founder Eamon Jubbawy.
The funding will be used to further scale WeGift's operations, as well as help the company's expansion to the U.S., and enhance its technology platform.
Founded in 2016 by CEO Aron Alexander, WeGift uses a secure, cloud-based, open API technology platform that enables businesses to automate the sending digital rewards, incentives and reimbursements, on demand and in real time, rather than using manual processes that are error-prone and expensive.
"Historically, businesses had to wait weeks to purchase and distribute digital rewards, using Excel spreadsheets. WeGift helps companies intelligently automate this process to power new acquisition and retention opportunities. We give them instant access to a huge choice of rewards and payouts, an ever-growing network of more than 500 brand partners, across 26 markets and 20 currencies, in real time. We are disrupting a broken market on a global scale, and this investment — together with our partnerships with Unilever Ventures, [SAP.iO] and Stride.VC — is an instrumental step forward in achieving our vision," Alexander said in a press release.
The company now operates in more than 26 countries, 22 languages and 20 currencies. It has more than 500 brand partners, and hundreds of clients, including Coinbase, Sodexo, New Look and Halfords, among others.
"Employees and customers alike expect consumer-like experiences from businesses," added SAP.iO SVP and Managing Director Ram Jambunathan. "Being able to provide those experiences is a key driver of retention and satisfaction. But today, businesses rely largely on archaic, manual processes for rewards. WeGift can uniquely enable customers to provide appealing experiences from incentives to reimbursements, which is well-aligned with SAP's distinctive ability to leverage operational data and drive experience management."