Way to go Loyalty Prime! [PR]
5 Million Euro Series B Funding for Loyalty Prime’s Next Generation SaaS Loyalty Platform Based on Artificial Intelligence
Loyalty Prime Develops AI Based Loyalty Platform
Munich, February 6th, 2020
Loyalty Prime, an international provider of enterprise loyalty program solutions has successfully closed its 5 million Euro Series B to drive the development of its next generation loyalty software based on artificial intelligence (AI). The funding was led by Hi inov, an international VC fund focused on digital innovation and supported by the existing investors BayBG Bayerische Beteiligungsgesellschaft, Senovo, UVC Partners and The SaaSgarage (Alexander Bruehl).
Founded 2014 in Munich, Germany, Loyalty Prime has quickly developed itself into a leading loyalty program tech provider, serving blue-chip companies around the globe from a wide range of industries. While Loyalty Prime’s Series A in 2018 was successfully used to accelerate the company’s rapid international expansion, the Series B will additionally help to drive Loyalty Prime’s latest product innovation project, the full and smart automation of loyalty program management via their next generation cloud-native loyalty platform based on artificial intelligence. The product development is led out of Germany by Jan Riedel, a software engineer virtuoso and veteran, who Loyalty Prime was able to win as their new CTO at the beginning of 2019.
Riedel summarizes: “We will be extending the power of AI to all aspects of loyalty program management with our next generation SaaS platform. Using advanced machine learning techniques, Loyalty Prime’s AI will maximise efficiency and effectiveness of loyalty program business rule creation, segmentation and personalisation, next best offer management, and fraud prevention, to name a few.”
Christoph Straub, Loyalty Prime’s founder and CEO is excited about this new chapter of his company. “This is an entirely new level of service we will be able to provide to our customers, helping to unleash the immense power of loyalty programs, creating maximum results, reducing the need for human intervention to a minimum. This will be clearly disruptive and unique to the multi-billion Euro / US loyalty industry.”
Hi inov is very pleased about the latest addition to its portfolio. As Wolfgang Krause, Managing Partner at High inov summarizes: “Our VC fund is specialized in supporting innovative tech startups that provide exciting digital transformation solutions to companies around the globe. We chose to invest in Loyalty Prime as it provides an effective solution to deliver on the widely preached but seldomly fulfilled promise in data-driven marketing and personalization: being able to provide “the right offer to the right person at the right time, in the right channel and with the right message for impactful business results.”
About Loyalty Prime
With its award-winning enterprise SaaS platform ‘Prime Cloud’, Loyalty Prime provides a uniquely flexible solution to quickly and efficiently set up and profitably run omnichannel loyalty programs (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, it has helped dozens of blue-chip companies from a wide range of industries establish some of the leading reward programs in their respective industry sectors. Since the beginning of 2019 Loyalty Prime is driving the next generation of their SaaS platform to enable fully automated loyalty program management based on artificial intelligence.
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.