Glue raises $8 million in Series A funding to automate customer loyalty programs
According to a survey conducted by Invesp, acquiring a new customer can cost five times more than retaining an existing customer. The survey also finds that increasing customer retention by 5% can increase profits from 25-95%. A customer loyalty program is one of the many approaches used by companies that recognizes and rewards customers who purchase or engage with a brand on a recurring basis.
Implementing a loyalty program can be difficult and time-consuming, especially for small businesses. Glue Loyalty is a tech startup that helps small businesses build a loyalty program that includes the right rewards, coupons, points mechanism, and more. With Glue’s fully automated Loyalty Manager, companies can focus on building their business while Glue does the heavy lifting of the loyalty program.
Today, Glue announced it has raised $8 million in series A funding led by Unicorn Technologies. Glue will use the funding proceeds to help local businesses to adopt loyalty programs.
“Using Glue is like hiring your very own expert loyalty manager, one you can trust, and afford. Completely automatic and totally hassle-free,” Glue said on its website.
Glue was founded in 2014 by Ira Nachtigal after gaining massive amounts of experience and insights about customer loyalty in Bobile LTD. Glue team is comprised of leading data, loyalty, tech, and customer experience experts, all firm believers in standing on the shoulders of giants and using them as a springboard.
That is why we harnessed data from working with over 50,000 SMBs to develop a first of its kind, fully automated loyalty program manager, specifically geared to make SMB’s owners live better. Today, Glue operates in 6 countries around the world, helping businesses everywhere turn their customers into regulars and loyalty into revenues.