Web3 corporate gifting marketplace qiibee has raised $4.8 million in a seed funding round led by Z5 Capital.
The latest fundraise for qiibee also attracted 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). Moreover, existing investors R/GA Ventures also participated.
qiibee was founded by two brothers named Gabriele and Gianluca Giancola.
qiibee’s CEO and Co-founder, Gabriele Giancola said:
“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. Allowing our clients to easily scale and expand their partnerwork by giving instant access to world-renowned brands, thousands of rewards, crypto, and NFTs, and connecting loyalty programs with millions of new members, that’s exactly what we are doing.”
Switzerland-based qiibee is establishing the benchmark for corporate gifting and loyalty programmes. It offers blockchain-based B2B rewards marketplace with instant access to world-renowned brands, thousands of rewards, crypto, NFTs and millions of new members.
Loyalty programs connecting with qiibee’s marketplace benefit from partner integration in one click, zero reconciliation costs and increased security while boosting customer engagement and new member acquisition.
According to a study, the global loyalty management market is projected to reach $17.65 billion by 2028, growing at a CAGR of 12.3% from 2021 to 2028.
qiibee’s mission is to unlock the purchasing power of the billion dollar rewards economy by making all rewards exchangeable and liquid.
According to qiibee, In 2021, the first connection between different loyalty programs through qiibee’s technology launched with Louis Erard, a Swiss luxury watch maker, that enables their 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 1 click.
Commenting on the fundraise, Investor and founding partner at Z5 Capital, Arun Ramamoorthy, said:
“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.”
The company intends to use the funds from the latest raise for the expansion of its international team. qiibee said that the funding will also support its efforts to enter other key areas, such North America.
Read Also: Institutions Implementing Innovative Blockchain Applications