Coniq secures £6.4m Series A funding led by Guinness Asset Management and Maven Capital Partners to expand internationally.
The oversubscribed round was led by Guinness Asset Management and Maven Capital Partners to fund global expansion and product development.
Coniq provides customer relationship management and loyalty software designed for shopping malls, outlets and retail brands. The platform helps physical retail destinations understand shopper behaviour and increase sales.
Coniq has secured £6.4m in a Series A funding round led by Guinness Asset Management and Maven Capital Partners, with participation from Venrex Investment Management and angel investor Greg Marsh. The company provides customer loyalty software for physical retail destinations and plans to allocate the fresh capital towards international expansion, technological development and team growth.
Operating in a rapidly expanding market for customer loyalty management, Coniq powers over £1bn in annual sales for clients across 24 countries. The new backing will support the firm as it opens international offices in Chicago, Warsaw and Barcelona while continuing to scale its merchant engagement platform.
From the founder
"We are delighted to be partnering with Guinness and 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
Chief Executive Officer at Coniq
Investor perspective
"We’re very excited to partner with Coniq to help them scale up and realise their full potential. The shopping mall industry is undergoing huge change and is underserved by good technology. Coniq are changing the way the industry operates and we believe their innovative technology, competitive strengths and excellent market position will drive significant returns."
Hugo Vaux
Fund Manager, Guinness Asset Management
Use of funds
- 01Continue product development
- 02Grow the team
- 03Expand into international markets
Investors
Hugo Vaux
Guinness Asset Management
Adam Bunch
Maven Capital Partners
Venrex Investment Management
Greg Marsh