Antavo, a London-based provider of an enterprise loyalty cloud platform, has secured €10M in a Series A funding round led by Euroventures alongside Lead Ventures, iEurope, and Innovation Nest (invested in Autenti). Several private investors, including Zoltan Vardy, also participated in the round.
The funding will expand Seedcamp-backed scaleup’s global presence and further develop the best-in-class, no-code loyalty technology for enterprises. In 2022, Antavo signed a deal with the global brand, including BMW, KFC, Kathmandu, and BrewDog.
Previously, Antavo raised €1.3M in a Seed round in 2018 from iEurope, Innovation Nest. Customer retention is becoming the top priority for businesses as today’s world faces a looming recession and new customer acquisition remains challenging.
Attila Kecsmar, Co-Founder and CEO of Antavo, says, “All enterprises today need more creative and direct ways to engage their customers beyond transactions to keep their market share, even if the spending is declining precipitously. In the post-pandemic world, loyalty programs are having a renaissance in providing this embedded brand love. Antavo understands this, as do our investors, and we are excited to receive their backing.
Loyalty management platform
Founded by four Hungarians in 2012, Antavo provides a platform to manage experience-based, paid, and lifestyle loyalty programs online, in-store, or on mobile, connecting brands to their customers in a more impactful, embedded way.
The company’s no-code, API-centric platform empowers loyalty and marketing teams to run fully custom programs and manage them internally without IT help. In addition, drag-and-drop interfaces and visual editors facilitate quick and easy changes to provide users with next-generation loyalty programs featuring gamification, social interactions, and lifestyle engagement.
The company invests 60% of its revenue into its product and issues quarterly product releases. As a result, Antavo claims to have witnessed 3.2X year-on-year growth and a three-fold increase in headcount.
Currently, the company employs around 112 people, out of whom 84 are male (75%) and 28 are female (25%). With physical offices in UK and Hungry, the company’s team works from 12 countries including Hungary, Indonesia, Ukraine, Spain, United Arab Emirates, Vietnam, United Kingdom, India, Norway and Australia.
Zsuzsa Kecsmar, Co-Founder and Chief Strategy Officer of Antavo, adds, “Antavo saw incredible growth last year, which, along with the dynamic loyalty program landscape change, brought us to a rebrand as Enterprise Loyalty Cloud. This refreshed position better encompasses the company’s goal, and the support of our investors in our Series A round means we can continue to develop a powerful, world-first SaaS loyalty product that encourages and nurtures lasting brand love through differentiation and unique lifestyle engagement.”
Zoltan Toth, Partner at Euroventures, says, “We believe that current market trends of increasing customer acquisition cost, the unlimited choice for consumers, and the increasing difficulty in acquiring relevant consumer data magnifies the importance of customer engagement and loyalty programs. As a result, Antavo has tremendous growth potential. We are excited to help the team grab this opportunity, expand its services globally, and meet the challenges of a growing organisation and client base.”
Rip Curl’s CCO, Michael Scott, comments, “At Rip Curl, we have identified a major opportunity to build the largest and most engaged surfing community in the world. This is what our membership program has been designed to do – and thanks to Antavo, we can deliver more personalised messages at scale. We’re thrilled that Antavo is expanding its presence globally as we invest in more innovative ways to ensure our retail brand remains future-fit as we continue to evolve to engage, inspire, educate and entertain our community.”
