Singapore based, e-loyalty program startup Taggo has raised Series A funding led by Jungle Ventures and SPRING SEEDS Capital.
The amount of the funding has been left undisclosed for now, but is speculated to be around USD 1 million. As SPRING SEEDS, typically invests between USD 234k to USD 783k in a round, whereas Jungle Ventures is usually involved in deals around USD 1m to 2m.
Earlier it had also raised a seed round from Stream Global and Singapore’s National Research Foundation (NRF).
Taggo provides a marketing platform for merchants which helps them to increase their sales by turning their Facebook pages into loyalty program Fan Clubs. It is designed to increase sales from repeat customers, which is similar to the traditional discount card programs but also has some social media benefits.
How it works
Taggo helps to turn any existing Facebook fan page into a loyalty program Fan Club without any cost being involved. It provides integration between the brand’s POS system, the platform itself, and the merchant’s Facebook Page.
It is free for the merchants whereas the payment companies, credit cards, and banks pay for the service and they get benefits by increase in transactions that result from the loyalty program.
As per the company with the use of its platform, merchants gets up to 5 times increase in repeat sales, 7 times increase in fan acquisition rates and 10 times increase in word of mouth coverage.
“Adding loyalty marketing features to the moment of payment is typically a complex and expensive process,” said Aneace Haddad. “I want to disrupt the market by creating very simple and inexpensive ways to do this. That’s why I launched Taggo.”
Its platform is currently running around 100 restaurants and retail outlets in Singapore and is expected to double these numbers by September.
Taggo was founded by Aneace Haddad, who had earlier also founded Real-Time, a startup that became the leading provider of credit card loyalty systems to banks in 30 countries.
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