Maven Capital, Guinness Asset Management Lead Coniq Funding Round
Maven Capital Partners and Guinness Asset Management have led a £6.4 million funding round of Coniq, a CRM and loyalty platform used by shopping malls, outlets and brands. Alongside the equity investment from Maven and GAM, the transaction also includes investments from existing shareholders.
Coniq will use Maven’s and GAM’s investment to accelerate its technical development, including additional AI-driven product capabilities to automate customer loyalty activities; hiring marketing, sales and client success professionals, and expanding internationally with new offices in Chicago, Warsaw and Barcelona.
The fast-growing global customer loyalty management market is expected to be worth $7 billion by 2023 and is driven by retailer destinations seeking to win and retain customers.
Adam Bunch, Investment Manager at Maven, said: “Coniq has a proven model of demonstrating traction in the market, with strong recurring revenues and an impressive pipeline of new business. Ben and his senior management team at Coniq are also highly experienced and have a robust strategy to grow the business through international sales. As an investor in some of the UK’s most ambitious smaller companies, Maven are excited to partner with Coniq and help support the business with its expansion into new markets.
Hugo Vaux, Fund Manager at Guinness Asset Management, said: “We’re very excited to Partner with Coniq and help them to scale up and realise the value in the business. 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.”
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