Last year we covered how “AND OPEN” (yes, “ampersand open,” pronounced “end open”) raised a $7.2 million seed to make it easier for brands to send gifts to customers to increase loyalty and engagement. Can you According to a study, customers who feel emotionally connected to a brand after receiving a gift have 306% more lifetime value. &Open competes with Sendoso and ReachDesk which are in a similar position.
Because the pandemic forced us all to work remotely, being able to send gifts remotely suddenly took on a whole new importance. Plus, “great resignation” now means companies need to keep customers and employees a lot sweeter.
So Dublin-based End Open, which launched in 2017, has now raised $26 million in a Series A led by Molton Ventures, with participation from First Round Capital, LocalGlobe, Tribal VC, as well as new investor Middlegame Ventures. Is. Other new and existing investors also contributed to the round. Increases Series A & Open’s total capital to $33.2 million.
The company now has a presence in Ireland, the UK and the US, and plans to open an office in New York City next year.
Its customers include Airbnb, Peloton, Spotify, Hopin, Intercom, Wayflyer and Better-Up. It has also been launched for SMEs and open on-demand.
“Now, more than ever, companies are looking for ways to retain employees and foster genuine connections with customers and partners,” said Nicola McClafferty, partner at Molten Ventures, in a statement. “Working with some of the largest global businesses and brands, and Open has proven that gift giving, when done right, is an incredibly powerful tool for increasing brand loyalty and building advocacy.”
The on-demand gifting marketplace will provide SMEs with the ability to more easily gift and pay as a model, unlike the End Open Enterprise solution that has annual contracts and SaaS fees.
“All companies give gifts—be it their employees, customers, prospects or partners. Companies give gifts because the people power businesses and those relationships need to be nurtured. Today, more than ever before Loyalty matters,” said Jonathan Legge, co-founder and CEO of Open.