Perx secures US$5 million in Series B funding to boost customer loyalty platform

Tue Mar 26, 2019 - 5:18am UTC
Perx

Perx

26/5/2019 – Perx Technologies, a customer loyalty platform based in Singapore said that it is raising US$5 million in a Series B funding round from investors including LINE Ventures, Access Ventures, and NCORE Ventures.

Strategic family offices, returning investors Eduardo Saverin and Capital Management Group also participated in the round.

Founded in 2011, Perx started as a replacement to physical loyalty cards via offering a customer loyalty app that rewards its users with points or stamps from merchants.

However the business model has proved to be unsustainable, and its current CEO, industry veteran Anna Gong revamped the business into a Business-to-Consumer (B2C) app as an enterprise cloud platform for business wanting to engage consumers.

“C-level executives are tired of spending wasteful money on adtech that promotes mass marketing, which is too often unquantifiable into sales or revenue, nor is continuing with their expensive legacy static loyalty programs an option for the rapidly evolving consumers in the digital economy,” said Anna Gong.

Perx now adopts a software-as-a-service (SaaS) model, using machine-learning algorithms to target consumers based on their behavioral patterns, personalizing customer experiences for both online and offline engagement.

Its platform is able to constantly track engagement rates, redemption rates, and sales data and display them on a real-time dashboard.

“Perx has developed an intuitive data driven SaaS platform that helps address a critical issue faced by many large enterprises across the world, that is customer engagement,” said Eduardo Saverin, an investor in Perx.

The startup currently counts HSBC, Prudential, UOB, Digi, Abenson Group, Central Group and Malaysian mobile service provider Digi as its clients.

With the fresh proceeds, Perx will strengthen its research and development efforts and intensify new client acquisition activities. It also plans to focus on growing partnerships with global software and technology companies.

Previously, Perx had also raised funding from Malaysia-based RHL Ventures.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.