Loyalty Prime, an international provider of enterprise loyalty program solutions, has successfully closed a €5 million Series B to drive the development of their next generation loyalty software based on artificial intelligence.
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 says: “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 adds: “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.”
Wolfgang Krause, Managing Partner at High inov says: “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 personalisation: 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”.”