UrBox, a Vietnam-based digital gifting and loyalty platform, has bagged an undisclosed amount in a Series A financing round co-led by Touchstone Ventures and Temasek’s wholly-owned subsidiary Pavilion Capital.
VinaCapital Ventures, which had invested in UrBox’s seed round alongside VIISA, also returned to co-invest.
The capital will be used to drive UrBox’s growth over the next 18-24 months. Besides, the company plans to increase its market share in Vietnam’s digital rewards solution market.
Founded in 2017, UrBox allows businesses to connect their reward or loyalty programmes with a network of national and international gift providers and retailers. It also uses digital platforms to connect companies with customers, who can quickly receive gift vouchers, save them on their app/phone, and redeem them at offline and online retailers.
For brand partners, it assists them in capturing the next spending generation – Gen Z – through creative and successful incentive engagement initiatives.
The firm looks to expand its footprints into other markets.
Also read: 3 easy tips for SMEs to build overseas customer loyalty
In a press statement, UrBox said it has grown by more than 300 per cent year-on-year. The company counts 15,000 stores, merchant networks and more than 1,000 top retail brands, including Starbucks, Samsung Vietnam, and Vietnam Airlines, among its clients.
The company supports more than 80 per cent of airline loyalty redemptions in Vietnam. It bolsters financial services with more than 70 per cent of banks and insurance companies employing API reward systems.
Loyalty programmes continue to gain traction in Southeast Asia. A study by Nielsen show that loyalty programmes play a key role when shoppers seek new pastures. A whopping 86 per cent to 94 per cent of respondents said that they were more enticed to shop where a loyalty program is part of the deal.
This year, several startups providing loyalty services announced M&As or investment deals, including Indonesia’s TADA Network and Member.id, Singapore’s Stamped, or Thailand’s ChomCHOB.
Last month, Society Pass, which provides a data-driven loyalty platform, launched a US$26 million initial public offering (IPO) on the Nasdaq stock exchange, marking the firm as the first Vietnamese startup to complete a traditional IPO on a foreign bourse.
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Image Credit: UrBox
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