PERX Technologies, a customer engagement startup, has raised US$5 million in Series B funding from LINE Ventures, early-stage venture capital firm Access Ventures, South Korean investment firm NCore Ventures and family offices. Returning investors include Facebook co-founder Eduardo Saverin and Capital Management Group.
Singapore-based Perx is a software-as-a-service (SaaS) customer engagement and loyalty platform provider. It uses machine-learning algorithms to target end consumers based on their behavioural patterns, personalising customer experiences and therefore increasing engagement levels both online and offline. Engagement rates, redemption rates and sales data are constantly tracked and displayed on a real-time dashboard.
The fresh funds will be used for research and development, as well as investing in client acquisition. The startup will also continue to grow partnerships with global software and technology companies.
Perx was conceived in 2011 as a customer loyalty app, rewarding its users with points or “stamps” from merchants and thereby replacing the physical loyalty card. But the business model proved unsustainable, until its current chief, industry veteran Anna Gong, took over the reins and turned the business-to-consumer (B2C) app into an enterprise cloud platform for businesses wanting to engage consumers.
Today, its clients include HSBC, Prudential, UOB and Malaysian mobile service provider Digi. The firm has also partnered Oracle by integrating with Oracle's Open Banking APIs (application programming interface), allowing retail banking customers to receive instant cashback upon meeting given campaign objectives.
“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 programmes an option for the rapidly evolving consumers in the digital economy,” said Ms Gong.
Mr Saverin, who co-founded venture capital firm B Capital, said: “Perx has developed an intuitive data-driven SaaS platform that helps address a critical issue faced by many large enterprises across the world - customer engagement. The company’s rapid growth on the back of its swift and quantifiable approach to consumer engagement demonstrates its ability to tap into this underserved segment.”