Dubai-based smart loyalty platform, Repeat, has bagged $2.5 million in a Series A round to expand its operations across the region.
The latest funding round was led by angel investors including Rahul Jagtiani, a group director at Landmark Group, with participation from Hamdi Osman, Chairman & CEO of Solitaire Group, Daglar Cizmeci, CEO at London-based venture capital company “Red Carpet Capital”, and Evgeny Bogdanchikov, executive director at Datapro Russia, the second-largest data center company in Russia.
Repeat was founded in May 2018 by Turkish entrepreneurs Omer Aslan Gurel and Edebali Sener. It helps restaurants increase their revenues while giving targeted and tailored rewards to their most loyal customers
According to the company’s statements, Repeat is the world’s first to apply the principles of dynamic personalized pricing to the F&B industry. It’s a unique, app-based and always-on marketing solution that promotes restaurants and helps bring customers back by offering tailored rewards based on frequency and spend.
The app, which has more than 70,000 downloads to date and more than 450 restaurants in the UAE, is planning to operate in 75 cities and reach 15 million users by 2023. Clients include Nando’s, California Pizza Kitchen, Yo Sushi, Burger Fuel, Circle Café, Projeto Acai, Max’s, Yugo and Mizu.
The company’s immediate expansion plans include Saudi Arabia and Kuwait by the second quarter of 2020, followed by London in the third quarter of the same year.
“Since going live in the first quarter of this year, we have already onboarded more than 400 outlets on our platform and increased our clients’ revenue by an average of 25% for all transactions going through the app,” said Omer Gurel, co-founder and CEO of Repeat. “Our vision is to become the personalized pricing service for everyone everywhere, a loyalty platform with universal applications that will branch out to other hospitality sectors as well as beauty salons, spas, and other lifestyle-related services”.
The loyalty management market is estimated to grow at 23.3% to reach $9.2 billion by 2024, according to a recent report by Orbis Research.