Lithuanian startup Rewalon (Gifty UAB), which provides corporate rewarding and client motivation services under the Rewalon brand and also runs gifting mobile app Gifty, received a follow-on round investment from Polish venture capital fund Online Venture and the earlier investor Practica Seed Capital fund managed by Practica Capital as well as the local angel investor.
“Our decision to invest is based on increasing popularity of the service. Rewalon has a solution for the clear problem, saves money so is very attractive for the companies” says Mikolaj Lipinski, Online Venture partner.
Rewalon easily enables any organization to prompt desirable actions of the customer, shape habits, maintain customer relations. Rewalon operates for just a year and a half but already provides services in Lithuania, Latvia and Russia. Company’s clients are American Express, Bitė, Swedbank, Lietuvos draudimas (owned by PZU), PZU Lithuania, Omnitel (a part of Telia Sonera group), Citadele bank, Alfa bank and others. Rewalon is used by half of banks in Lithuania that occupy 85% of the market, two out of three mobile service providers and insurance companies with 40% market share.
Rewarding campaigns may be organized in few hours and run automatically. With Rewalon companies can reward with products from top chains in local markets: Forum Cinemas, TGI Fridays, Il Patio, Vero Café, Čili, Coffee Inn, Papa Johns Pizza, Formula kino. In February, Rewalon was awarded as the best client-oriented service at banking technology conference Finnext 2014 in Moscow.
About Rewalon:
Rewalon is corporate rewarding service which enables companies to send their clients small items like a cup of coffee, chocolate, pizza, cinema tickets and much more from largest merchants in the market. Companies use Rewalon service to reward clients for their behaviour, as an incentive or maintaining relations. Rewalon technology and infrastructure let companies pay for used rewards only, therefore ROI of rewarding with desirable goods increases significantly. Rewalon also owns the mobile gifting application Gifty. For more information: http://rewalon.com, https://gifty.lt.
About Online Venture:
Online Venture is an early stage VC investing in seed and startups. It invests in rapidly developing technology businesses, predominantly in Poland. The firm is actively looking for companies in ICT, mobile, digital media, FMCG and other sectors. For more information: www.onlineventure.pl.
About Practica Capital:
Practica Capital is a venture capital firm established in 2011 by investment professionals and entrepreneurs who exited their businesses. The firm manages EUR 6m Practica Seed Capital fund and EUR 15.7m Practica Venture Capital fund, both established under the JEREMIE initiative, managed by EIF and financed from the EU Structural Funds under 2007-2013 Economic Growth Operational Programme of Lithuania. Funds provide early- and later-stage financing to Lithuanian SMEs focusing on innovative and high-growth potential businesses. Practica Capital also runs business accelerator Startup.lt, which helps young businesses to realise high growth potential. By the end of May 2014, Practica Capital signed 25 investments for EUR 7.5 million in 21 portfolio company from different sectors. For more information visit www.practica.lt and www.startup.lt.
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