Customer acquisition has become increasingly expensive and inaccessible to small and medium businesses. To solve this, a Lithuanian all-digital customer loyalty platform that has recently raised €550K in a follow-up investment round aims to make customer acquisition and retention easy and affordable.
August 30, 2022. Vilnius, Lithuania. Since the pandemic, customer acquisition has become even more expensive, with the cost of social media advertisements virtually doubling and their efficiency declining due to privacy changes. Despite this, most firms do very little to retain clients, as existing solutions are difficult to administer, time-consuming, and expensive to start and maintain.
However, a potential answer to the fragmented loyalty market, Boomio – an all-digital customer loyalty platform – is quickly becoming prominent. After successfully growing its revenue three times over the past year in the Baltic states, it has recently raised a €550K follow-up round. They will use the funds to improve their product and expand to the German market.
The current round of investment was led by Lighthouse Ventures and a syndicate of 4 European angel investors. Last year, Boomio received an investment of €215K from 2 LitBAN investors and 2 VC funds – 70V and Startup Wise Guys.
“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Boomio is trying to transform the current customer loyalty market, where loyalty programs are either outdated or inaccessible. Furthermore, saving money has become a top concern for the typical consumer due to 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.
The consumer-oriented Boomio app allows consumers to see all of their discounts, rewards, and coupons under one roof. That makes it easy for them to reduce their expenses, especially during economic slowdowns.
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About Boomio
Boomio is a unique sales growth, loyalty & customer acquisition platform for every size of retail and eCommerce business. Its mission is to make digital customer loyalty tools available to small and medium businesses that cannot afford to develop such tools in-house. Boomio’s online platform and mobile app allow businesses to create and manage their own rewards & loyalty system for a small subscription fee.