Fan loyalty and rewards program startup Fanmiles has raised €2.7 million in a pre-Series A round of funding led by footballer Philipp Lahm, Auden AG, and angel investors.
The money will be invested into further growth of the platform and building out its international partner network. Customers include Adidas, EA Games, and clubs like Bayer 04 Leverkusen while last year the company acquired event discovery startup Vamos.
The Berlin-based company plans to open up its Fanmiles developer program that allows to build their own loyalty programs.
Customer acquisition is more expensive than retention, according to Fanmiles founder Fabian Schmidt, creating a greater incentive to retain users.
“Fanmiles offers companies the first platform through which customer retention may be achieved by investing in simple native integration,” he said. “Thereby, a 5% increase in customer retention can increase profit by 95%.”
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