Loyyal Raises $1.5 Million Seed Round
NEW YORK, NY, Feb 26, 2016 — (ACN Newswire) — Loyyal, a NY-based blockchain technology startup, announced that it closed a $1.5 million seed round, led by Hayaat Group, an investment company based in Dubai, with Privity FZ LLE acting as advisor.
Loyyal has built the world’s first universal behavior incentification platform using blockchain and smart contract technology. Currently, program operators such as airlines or hotels, are faced with high operational costs and outdated processes, resulting in a poor customer experience.
Loyyal’s universal platform coupled with its patent-pending technology enables program operators to reduce costs by sharing a distributed ledger, thus streamlining the customer experience while more effectively managing the rewards liability.
The US loyalty and rewards market alone is $65B this year and expected to double in the next 5 years. Loyyal’s vision is to remove the friction preventing program operators from working together in redemption networks by creating a single ecosystem.
“We are the first company to introduce blockchain and smart contract technology to the loyalty and rewards industry,” said Greg Simon, CEO and Co-Founder of Loyyal. “This funding will allow us to accelerate development by expanding our team as more behavior incentification opportunities arise beyond the traditional model.”
Loyyal is reinventing how loyalty is created and rewarded. Using blockchain and smart contract technology, Loyyal has built an interoperable loyalty and rewards platform to address a highly fragmented industry, and offer multiple industries an innovative way to incentivize customer behavior.
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About Hayaat Group
Three decades in the Middle East and Europe has cemented Hayaat Group’s reputation as one of the premier investment companies in the region. Please visit www.hayaatgroup.com.
About Privity FZ LLE
Founded in 2004, Privity FZ LLE is an independent Dubai-based advisory firm that seeks entrepreneurs with interesting and unique ideas and helps them develop and grow. For more information, please visitwww.privitylle.com.
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