Qiibee, the leading blockchain-based B2B rewards marketplace, announced the closing of a $4.8m seed funding round led by Z5 Capital. The capital will flow into team growth and global expansion, starting with North America.
Founded by two brothers Gabriele and Gianluca Giancola, qiibee is setting the gold standard for brands to connect their loyalty programs through blockchain and scale partnership networks efficiently. Loyalty programs connecting with the qiibee marketplace benefit from partner integration in one click, zero reconciliation costs and increased security while boosting customer engagement and new member acquisition. Today, qiibee boasts of more than 30 million members across its loyalty ecosystem.
In 2021, the company launched the first connection between different loyalty programs through its technology with Louis Erard, a Swiss luxury watch-maker. The connection enables members to exchange their own loyalty currency, Louis Erard Points, to miles from Etihad Guest and 9 different cryptocurrencies. This launch was a one-of-a-kind connection of loyalty programs adding value for members and decreasing integration costs for brands from 12 months to one click.
“In creating qiibee, we set out with the mission to unlock the purchasing power of the global rewards economy by making all rewards exchangeable through our blockchain-based B2B rewards marketplace,” said qiibee's CEO and Co-founder, Gabriele Giancola.
With the closing of its seed round, the startup has earmarked funds for the growth of its global team. In addition, the investment will bolster the company's plans for expansion into other priority markets such as North America.
Alongside the lead investor Z5 Capital, the round saw participation from other high-profile investors including digital advertising group Meet The People; Ben Davey, former CEO of Barclays Venture; Mainardo de Nardis, Former Executive Vice-Chairman of Omnicom Media Group and CEO of OMD Worldwide; and Phil Rubin, founder of Grey Space Matters and rDialogue (sold to Bond Loyalty). Demonstrating their unwavering commitment and belief in qiibee, existing investors R/GA Ventures also participated.
“In today's loyalty market, users don't have access to a diverse array of options when it comes to utilizing the loyalty points they are accumulating. qiibee is forcing brands to rethink their approach to customers, allowing users the choices they deserve, while also offering major brands access to the emerging blockchain market. We're proud to invest in such an innovative company and are excited to see what the next few months and years will bring for qiibee,” comments Arun Ramamoorthy, investor and founding partner at Z5 Capital.
(Press release/RAN)
Photo: qiibee
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