Vilnius-based startup Boomio has secured a €550K in a follow-up investment round led by Lighthouse Ventures and a syndicate of four European angel investors. Boomio’s platform allows businesses to create and manage their own rewards & loyalty system for a small subscription fee. The funding will allow them to improve their product and expand to the German market.
“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.
Boomio is on a mission to transform the current customer loyalty market, where loyalty programs are either outdated or inaccessible. Furthermore, saving money became a top concern for the typical consumer as a result of the current economic recession and inflation. While participating in loyalty programs is one method to do this, keeping up with multiple plastic cards and paper coupons is becoming challenging, while developing in-house apps is too expensive for most businesses.
Boomio addresses this issue by centralizing all available saving methods (coupons, cards, discounts, etc.) and providing an easy way to use their web platform and app, where setting up a loyalty system will take not months or weeks but just a few hours.
“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.
Last year, Boomio received an investment of €215K from two LitBAN investors and two VC funds – 70V and Startup Wise Guys.
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