UK startup gets £2.85M to help retail and hospitality SMEs boost revenue
Headquartered in London, Loke provides a sales and marketing platform to the hospitality and retail industry, designed to increase revenue by predicting and influencing customer purchase behaviour.
Raised £2.85 million
The UK company has now raised £2.85 million funding in a Series A round led by Guinness Asset Management. The company will be using the funds to enhance the product while expanding to new European markets.
Intuitive marketing platform
Co-founded by Matthew Khoury and Tom Booth, Loke’s intuitive marketing platform simplifies the automation of personalised customer journeys, rewards, and communication. This is achieved via a suite of digital sales and marketing tools powered by a bespoke rewards and promotion engine.
It improves the customer’s experience at multiple touch points including, digital ordering from tables, mobile payments, to collection and delivery.
250% increase in revenue growth
At present, the company’s customers include Baskin Robbins, City Pub Group, Australian Venue Co, Ya Kun Kaya Toast, Shake Shack, and Greene King, along with hundreds of others ranging from single-site businesses to groups with 200+ locations.
With successful operations in the UK, Australia, Singapore, and New Zealand, LOKE experienced significant revenue growth of around 250% over the last financial year and a 283% increase in transactional volume per month.
Hugo Vaux, Fund Manager at Guinness Asset Management, says: “Guinness is extremely pleased to be supporting LOKE during this exciting time of growth, expansion, and product development. LOKE has a unique data-driven loyalty proposition that makes a huge difference in helping hospitality SMEs boost customer spend and retention. We’ve been particularly impressed by the management team who have been very successful in driving the company forward, and their proven track record of international expansion. We are very much looking forward to working with them as they embark on the next stage of their growth.”
LOKE’s Co-Chief Executive Officer, Matt Khoury says: “It is not simply ordering technology that will create sustainability or revenue growth for operators. Businesses need to adapt to consumer trends allowing for new and enhanced ways for customers to pay and interact whilst learning preferences and behaviours that personalise and influence the customer experience. This is what leading brands do, and is what LOKE has created for SMEs ensuring they can compete in a saturated market providing the necessary tools for growth.
“Big name delivery apps’ models are not always sustainable for small businesses, placing too much financial pressure on owners who are already struggling to keep open during COVID. LOKE’s platform provides an alternative, allowing the operator to take back control, reduce costs and provide a much better customer experience.”