The startup will use the funds to upscale its dynamic smart loyalty platform and branch out to other sectors.
UAE-based tech startup REPEAT raises $2.5 million in Series A investment from an undisclosed source. The startup’s dynamic smart loyalty platform for the food and beverage industry rewards customers for their activity and spend. The startup will use the funds gained to upscale its platform, increase restaurant revenue, and branch out to more sectors like hospitality.
Established just earlier this year, Repeat is the world’s first platform to apply personalized pricing as a solution to the industry’s challenges. The unique application and marketing solution creates a win-win situation for both brands and customers by allowing merchants to increase their revenues through the application and provide specifically tailored rewards to their most loyal customers based on how frequently they purchase and how much they spend.
Since their launch, the platform has onboarded over 400 outlets and shops including Nando’s, Yo Sushi, Burger Fuel and other prominent restaurants. The startup is on the road to hit their target of having over 2,000 UAE-based outlets listed on its platform by the end of 2020.
“The F&B sector has embraced Repeat and the pace of adoption is very fast because we are the only app in the world which offers merchants the flexibility, insights, and control they need, unlike other voucher or discount-based programmes which do not build loyalty, and instead distort the value proposition of the restaurant and cannibalise their margins,” says Omer Gurel, co-founder of Repeat.
The startup’s innovative platform allows for full access to customer data in real-time, complete freedom for customisation and adjustion of any incentive programme, as well as controlling the frequency and spending threshold that determines the loyalty level of their own customers.
“Our vision is to become the personalized pricing service for everyone everywhere, a loyalty platform with universal applications that will branch out to other hospitality sectors as well as beauty salons, spas and other lifestyle-related services,” says Gurel.
The startup’s high potential allows them to aim higher and aspire to transform the global loyalty management market that is currently growing at a compound rate of %23.3.
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