Maven co-leads £6.4 million funding round for Coniq
We are pleased to announce that Maven has co-led a £6.4 million funding round for Coniq, an award-winning CRM and loyalty platform used by the world’s leading shopping malls, outlets and brands.
Alongside the equity investment from Maven and Guinness Asset Management, the transaction also includes further commitments from existing shareholders.
Coniq’s market-leading iQ Platform radically simplifies shopper engagement and loyalty programs. This enables marketeers to effectively and quickly increase sales by leveraging one of the industry’s largest repositories of customer loyalty data by truly understanding and anticipating the purchasing behaviour and intent of shoppers. Coniq powers over £1 billion of sales annually for its customers, with over 17 million consumers in 24 countries globally relying on the Coniq iQ Platform to benefit from rewards and experiences from retail destination landlords and their tenants. Coniq’s technology helps its clients build rich relationships with their customers, delivering an average increase in sales per customer of 32%.
Coniq will use Maven’s investment to accelerate its technical development, including additional AI-driven product capabilities to automate customer loyalty activities; hiring marketing, sales and client success professionals, and expanding internationally with new offices in Chicago, Warsaw and Barcelona.
The fast-growing global customer loyalty management market is expected to be worth $7 billion by 2023 and is driven by retailer destinations seeking to win and retain customers.
Coniq is rapidly gaining traction in its segment of the market, with strong recurring revenues and an impressive pipeline of new contracts. Ben and his senior management team at Coniq are also highly experienced and have a credible strategy to expand the business internationally. As an investor in some of the UK’s most ambitious smaller companies, Maven are excited to partner with Coniq and help support the business as it undertakes its next phase of growth.
Adam Bunch, Investment Manager at Maven
This investment will be used to transform the future of the offline retail industry, which has struggled over the years to counter competition from online players, by building on our success with our award-winning technology. We are already recognised as the market leader in the mall loyalty CRM sector and this investment will help extend our reach and meet the growing needs and expectations of shopping malls, outlets and brands seeking advanced customer loyalty capabilities.
Ben Chesser, CEO and Founder of Coniq