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 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."
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