ProMotion Rewards, a consumer rewards company which provides brand partners with customer insight, has secured a €725k pre-seed investment led by Laidlaw Scholars Ventures.
October 24, 2022
[Dublin, Ireland, 18 October 2022] – ProMotion Rewards, a consumer rewards company which provides brand partners with customer insight, has secured a €725k pre-seed investment led by Laidlaw Scholars Ventures with participation from Delta Partners and Enterprise Ireland.
ProMotion Rewards features an app that allows users to photograph their receipts, complete surveys and enter competitions, earning points when they participate. Brand partners provide points boosts and offers when their products are identified in those receipts. These points convert into rewards, such as gift cards, or points can be donated to a charity partner in-app, providing a gamified experience whilst delivering value to their users. ProMotion Rewards shares insights with brand partners who can learn more about the behaviour of their customers to improve their products and provide personalised offers or further cashback to users.
They are working with top Consumer Packaged Goods (CPG) companies on their newly launched platform, which has over 5,000 users waiting to download the app.
The company was founded by Bidemi Afolabi and Lauren O’Reilly. The two met at Trinity College Dublin, where they both completed their studies in Pharmacy. Bidemi was also a scholar in the Laidlaw Leadership & Research Programme, as well as a self-taught full-stack developer and former footballer.
This raise is the latest from Laidlaw Scholars Ventures, a new Venture Capital fund established by the Laidlaw Foundation to invest in businesses led by Laidlaw Scholars. ProMotion Rewards will use the funds to support their product development and marketing in the upcoming 18 months.
Lauren O’Reilly, co-founder and COO, said, “ProMotion Rewards is on a mission to change how people connect with brands, and vice versa. We believe that wherever value is created, value should also be received – if consumer data is gathered, then it should be the consumer that reaps the benefit. That’s why when people submit their shopping insights to ProMotion Rewards, we reward the consumer directly, and they can choose to either spend or donate those rewards. We use the insight gathered to not only help CPG brands better understand and serve their audience, but we also provide the platform for them to reach the right consumers, with the right message, at the right time.”
Bidemi Afolabi, co-founder and CEO, said, “As a Laidlaw Scholar, I have been following the incredible work the organisation has been doing since I joined the network, and partnering with LSV means partnering with an organisation that shares the same ambitions and values as our company. We look forward to working with the LSV team as we grow the business, and with this round of funding, we look forward to achieving our goals of becoming the consumer rewards platform of the future.”
Niall Santamaria, Chief Investment Officer of LSV, said, “CPG groups continue to struggle to access data direct from their end customers, with retailers often restricting access to this information. ProMotion’s platform allows users to earn money for sharing their purchases, delivering a fair value exchange between users and their favourite brands. LSV backed this business for the team though, whose amazing energy, ambition and hustle we believe is going to deliver a category leader.”
Ends.
Understand and Transform Consumer Behaviour with ProMotion Rewards.
Leverage first-party consumer shopping data to transform consumer behaviour in a closed-loop environment.
We help Consumer Packaged Goods, Retail and E-Commerce Brands to outperform the competition and directly attribute marketing and trade spending to sales, by leveraging data and our closed-loop environment.
We believe that wherever value is created, value should also be received. That’s why we reward consumers for digitising their shopping data, in exchange for points that they can redeem for real-world rewards.
We also believe that consumer brands are missing a vital connection to the end consumer. In order to connect, brands need to understand what consumers are doing, and then need to be able to action those insights in a meaningful way.
ProMotion Rewards was founded in 2021 to empower consumers, and build stronger brands, that serve the world better.
Laidlaw Scholars Ventures (LSV) is a for-profit business investing in start-ups founded and run by Laidlaw Scholars. Backed by a $50m fund, LSV accelerates Good Businesses by financing growth, providing support services, delivering extensive training and development, and bringing a network of expert advisors and mentors. All profits from LSV will be returned to the Laidlaw Foundation to invest in its educational programmes designed to break the cycle of poverty, reduce inequality and develop a new generation of ethical leaders. LSV’s portfolio includes companies in the biotech, food & beverage, fintech, and consumer intelligence industries.
Delta Partners is a venture capital firm that invests in early stage startups in Ireland. For over 30 years Delta Partners has been supporting entrepreneurs to build great businesses. Having invested in over 120 companies with exits generating €1.8B, Delta has a track record of investment performance, with LPs including Enterprise Ireland, Bank of Ireland and Fexco, as well as the family offices of successful Irish technology entrepreneurs. Today, the Delta team are investing in early stage Irish companies across a range of sectors. View our website and follow us on Twitter and LinkedIn.