The Dublin-based tech company surpassed its initial target of between €1.15m and €1.35m
Digital loyalty card platform Squid Loyalty has closed its crowdfunding round after hitting €1.7m from more than 2,600 investors.
The Dublin-based start-up launched the campaign at the end of February with a target of between €1.15m and €1.35m. The campaign will form part of a larger funding round.
Squid will use the funds to expand to new markets and enhance its marketing tools as well as to accelerate the roll-out of its next-generation universal loyalty points system, Wave. The new system aims to streamline loyalty rewards across its growing network of partner businesses.
With a pre-raise valuation of €33m, Squid offered shares to the public at €12.40 per share. Most of the investors were based in Ireland.
The start-up was founded in 2019 by Katie Farrell and Matthew Coffey and wants to promote customer loyalty for businesses by incentivising purchases through a digital loyalty card.
In 2021, it was one of Enterprise Ireland’s high-potential start-ups (HPSUs). Niall McEvoy, who was a HPSU manager at Enterprise Ireland at the time, said the founders were doing a great job.
In 2022, Squid was part of Dogpatch Labs’ second NDRC accelerator, and last year, the start-up signed a strategic partnership with Square to expand its loyalty platform to more customers.
Coffey, CEO of Squid, said the team is thrilled by the response to the crowdfunding campaign. “This funding allows us to accelerate the roll-out of Wave and continue driving innovation in how businesses connect with their customers,” he said.
According to the company, it has more than 550,000 active users on its platform and nearly 2,000 business clients across Ireland and the UK.
To date, Squid has raised €5.5m from investors, including leaders from WhatsApp, Shopify and JPMorgan.
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