WeGift closes £4m funding round
Written by Peter Walker
Digital rewards platform WeGift has secured £4 million in Series A funding, led by Fred Destin at Stride.vc - who will join the board - and other investors including SAP.iO Fund and Unilever Ventures.
This investment will help the British startup deliver on its vision of creating the world’s first real-time infrastructure for digital rewards and incentives. Funds will be used to further scale operations and support the expansion to the US.
It also announced new angel investors including James Hind, founder of Carwow, and Eamon Jubbawy at Onfido. They join existing angel investors who participated in the round: Simon Franks of the Redbus Group; Zoopla founder Alex Chesterman; and venture capital investor Charlie Songhurst.
WeGift was founded in 2016 by Aron Alexander after he received a £5 paper voucher refund in the post and realised that businesses were failing to leverage digital rewards and reimbursements. Using a cloud-based, open Application Programming Interface (API) technology platform, businesses are able to automate sending on-demand and in real-time, rather than using manual processes.
Alexander explained that historically, businesses had to wait weeks to purchase and distribute digital rewards, using Excel spreadsheets. “WeGift helps companies intelligently automate this process to power new acquisition and retention opportunities – we give them instant access to a huge choice of rewards and payouts, an ever-growing network of more than 500 brand partners, across 26 markets and 20 currencies, in real-time.”
SAP.iO Fund global managing director Ram Jambunathan commented: “Businesses rely largely on archaic, manual processes for rewards, but WeGift can uniquely enable customers to provide appealing experiences from incentives to reimbursements, which is well-aligned with SAP’s ability to leverage operational data and drive experience management.”