How Does WeGift Work?
WeGift’s “incentive marketing” basically works by allowing businesses that work with the startup to easily provide egift cards and other rewards to their customers as a means to boost consumer engagement with the brands that are rewarding them. This system has proven to be rather successful for clients who have employed the services of WeGift.
For Perkbox, once in contact with WeGift, the company saw a 50% rise in egift sales. In the case of telecommunications giant Vodafone, there was a 95% improvement in the company’s new campaign, showing just how massively effective incentive marketing can be.
These companies are by no means the only ones that have experienced an immense change in their marketing campaigns after using WeGift. Sodexo and Halfords have also had positive results publicly available. Perhaps just as exciting as WeGift’s exceptional efficacy is the startup’s meteoric growth over the past few years.
WeGift now boasts over 700 brand partners, including major names such as Nike and Uber. The range of brand partners extends to 30 different markets and across 20 different currencies. In the meantime, WeGift reportedly has hundreds of clients as well, providing a more solid base of revenue for them.
WeGift has recently disclosed an astronomic 317% growth in its annual revenue, though the startup has not announced how much that figure actually equates to. Beyond this, WeGift recently opened up an office in New York, a large venture toward expansion into the United States. All of this information has certainly caught the eye of many different investors in the startup’s newest extension of the Series A funding round.
WeGift’s New Funding and Plans for the Future
WeGift has shown investors basically everything that they could possibly want to see: an innovative idea, the effectiveness of this idea in practice, and very promising growth. As a result, in the startup’s extension of the Series A funding round, WeGift netted $8 million in new funding. WeGift plans to use this new $8 million to power the company’s continued efforts to build their real-time infrastructure which will entail building its supply chain by directly integrating their service and rewards system with brands and developing their products.
The Series A extension round was led by Albion VC with other investors, including Stride.vc, SAP.iO fund, and Unilever Ventures. Due to the recent funding and other internal reasons, a general partner at Albion VC, Ed Lascelles, has joined the WeGift board.
The rewards and incentives industry — worth a whopping $700 billion — is antiquated, which presents the perfect opportunity for WeGift to continue to see expansion and growth. Most of their marketing still works based on a legacy system built for physical gift cards, but WeGift is leading the charge to digitize the industry’s efforts. The continued growth and customer satisfaction are putting the startup near the top of the line for this pursuit.
WeGift is a unique startup creating change at the forefront of the “incentive marketing industry. With solid growth showing larger brand partners, extreme revenue growth, and strong results with clients, WeGift is looking at a very solid path forward. Bolstered by the extra $8 million in funding, expectations for the future of WeGift should continue to remain high, especially as the company continues to innovate.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.