Propello Cloud Founders: Mark Camp & George Charlesworth
Following phenomenal year-on-year growth, Propello Cloud has secured a £650k investment led by DSW Ventures, taking the total amount of funding to £800K in 2022. Just three years into its journey, the thriving reward-tech loyalty company has firmly established itself as the leading white label customer rewards platform.
With retention a top priority for its clients, Propello Cloud plans to roll out exciting new services, including Open Banking technology, end-to-end referral functionalities, access to more global brand partnerships, and AI driven personalisation.
The UK-based company developed a no-code platform that rapidly reduces time to market, enabling brands to build hugely valuable reward programmes in a time where value is under high scrutiny.
As a platform combining a plug and play front end interface, rule based rewards engine and access to over 1,000 reward partners, Propello provides the complete solution for brands looking for a compelling go-to-market reward driven loyalty proposition.
Other incentive-led initiatives are also implemented in their platform, designed to encourage customer engagement, and enhance customer loyalty and retention.
Commenting on the investment and how Propello plans to use it to continue supporting their clients’ customer retention strategies, CEO and founder Mark Camp said:
“A period of sustained growth and rising market demand is proving the right time for investment is now. We’ve known the team at DSW Ventures and our angel co-investors for some time. We believe their combined support and backing is the right fit to help us execute our growth plans.
With significant investment in the platform and team already underway, we’re excited to take Propello forward. Enabling our clients to rapidly launch reward programmes like O2 or VeryMe rewards, we’re supporting brands of all sizes to boost desirable commercial actions with personalised incentives – and simultaneously monetise their audiences.”
The investment comes during a time when customer retention and engagement is crucial. With consumers hesitant to spend money during a cost of living crisis, there has never been a greater need for organisations to demonstrate value. Except perhaps during the pandemic when business demand for loyalty-based initiatives surged.
The trend of both outcomes and reward-based loyalty is set to continue. Leading industry figures forecast that the loyalty management market will be worth $18B by 2028.
DSW Ventures recognises the potential growth in the market as demand switches from businesses wanting to innovate to consumers desiring personalised solutions. Here’s what they had to say:
“We have got to know and admire Propello over a period of three years, who have created what we believe to be a truly fresh and differentiated product. We are delighted to now be investing in the business, with yet another deal being oversubscribed by our investors." - Ellie Boardman, DSW Investment Manager.
The team at Propello Cloud is thankful to DSW Ventures and the experienced body of SaaS angel investors fronted by Kevin Beales.
The initial steps of Propello’s growth strategy will see them launch their services in a number of new oversea markets in 2023 and expand their team to over 30 people in the next two years.