Boomio, a Vilnius-based all-digital customer loyalty platform, has raised €550K in a follow-up investment round led by Lighthouse Ventures and a syndicate of 4 European angel investors. The company will use the funds to improve its product and expand to the German market.
Last year, the Lithuanian company received an investment of €215K from 2 LitBAN investors and 2 VC funds – 70V and Startup Wise Guys.
Led by Jonas Davalga, Boomio is a sales growth, loyalty & customer acquisition platform for retail and e-commerce businesses.
“We will help small and medium businesses to discover their loyal customers who generate ~80% of revenue and provide simple and effective tools to help them grow up to 2.5 times faster than their competitors,” says Jonas Davalga, CEO and co-founder of Boomio.
Since the pandemic, customer acquisition has become even more expensive, with the cost of social media advertisements virtually doubling and their efficiency declining as a result of privacy changes. Despite this, most firms do very little to retain clients, as existing solutions are difficult to administer, time-consuming, and expensive to start and maintain.
Digital customer loyalty
Boomio is on a mission to make digital customer loyalty tools available to small and medium businesses that cannot afford to develop such tools in-house.
Currently, such tools are only available to the enterprise segment, as developing them in-house costs thousands.
The company’s online platform and mobile app allow businesses to create and manage their rewards & loyalty system for a small subscription fee.
“We see huge potential in what the Boomio team is working on and the ability to bring added value to the number of small and medium-sized businesses,” confirms Robert Reich, Investment Manager at Lighthouse Ventures.
