London-based DripApp, which enabled consumers to purchase coffee from independent stores at a lower price, has been bought by Swipii.
According to Business Insider, the terms of the transaction remain undisclosed, but both parties are thought to have obtained a ‘fair’ deal.
DripApp co-founder Jeremy Cortial told Business Insider: “All I can say is that the deal is fair for both parties and we see great potential of working with Swipii.”
DripApp’s acquisition comes after the startup was forced to close last month.
Established two years ago, Swipii, which provides a loyalty, marketing and customer relationship management suite for small businesses, closed a $2.5m round in early October.
The startup drew support from the likes of LocalGlobe, Global Founders Capital and Kima Ventures. At the time of the announcement Swipii claimed to have over 1,000 merchants on board and said it would be using the new funds to increase to 4,500 merchants next year.
Chitresh Sharma, CEO and co-founder at Swipii, told Tech City News: “We are very excited to welcome all the DripApp merchants to join the Swipii family. We have huge respect for the Dripapp founders and what they’ve built.
“We share a similar vision of empowering small and medium size business. This acquisition will help us extend our offering to all 400 DripApp merchants and power them with Swipii’s automated marketing solution to increase their revenue,” added Sharma.