Talis Capital, the Private Equity firm with a specialist Digital ventures arm, alongside VCs Howzat Partners & Neon Adventures and business angels Chris Maris & Richard Varney, have invested $1m into Loyalty Bay to allow the company to continue to develop its conversion optimiser API, which it sells to companies to help them drive up engagement rates for sales and referrals.
Loyalty Bay was founded in 2013 by CEO Will Roberts to apply data and analytics to the serving of incentives and rewards to create better online conversion rates; the company have developed 3 products, a Conversion Optimiser API, Rewards Hub and Super Users, and work alongside some of the UK’s largest companies, including Virgin Media, as well as promising start-ups such as Parcel Bright.
Since its foundation Loyalty Bay have processed and monitored over 1 million reward and incentive schemes, combining the gift card and incentive sectors with ad technology to ensure that the right offers are made at the right time, to the right people.
The company refer to it as “Rewards as a Service”, and say that it turns a laborious, unscientific process into a real-time, data driven solution. The Conversion Optimiser tool allows potential customers to choose from different rewards at the point of sale, and, Loyalty bay say, the results have seen FTSE 100 companies increase sales by more than 100%. Conversion optimiser also helps increase sign-ups to blogs and mailing lists, and reduces churn, creating significant savings on a company’s bottom line.
Rewards Hub allows companies to send digital rewards and gifts via email, such as employee perks or customer incentives, and Super Users, the third pillar, helps identify customers and users from their email addresses which helps companies find valued, loyal customers and reward them appropriately.
The product can offer assistance to marketers, customer care teams, social media and PR and sales and business intelligence teams. Loyalty Bay can identify users from anywhere in the world provided the information is in the public domain, and are currently offering one month’s free trial on their basic plan which includes uploading up to 5,000 email addresses. Basic plans start at £29.99 pcm or £500 per annum for SMEs.
Matus Maar, co-founder and Director of Talis Capital explained the decision to invest: “”Data analytics platforms for enterprises remain a key focus for Talis Capital, especially businesses such as Loyalty Bay which can drive significant improvements in conversion rates. We are excited to partner with the team during this period of exceptional growth.”