Lithuania’s Boomio scores €550k to transform customer loyalty market
Summary
It’s reported that since the pandemic, and the associated boom of social media advertising and digital approaches to customer acquisition, the costs associated has doubled and the efficiency has declined – as new privacy rules and regulations have come into place. Saving money has become a top concern for many customers, as we enter into a cost-of-living crisis across Europe and economic recession and inflation become familiar terms once again. 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. Jonas Davalga, CEO and co-founder of Boomio, explained: “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.” The new capital injection will be used by the growing team, which grew its revenue 3x over the past year in the Baltics, to improve their product and expand to the German market. Robert Reich, Investment Manager at Lighthouse Ventures: “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.”