Last year we discussed how “&Open” (yes, “ampersand open”, pronounced “And Open”) raised $7.2 million seed money to make it easier for brands to send gifts to customers to increase loyalty and increase engagement. According to a study, customers who feel emotionally connected to a brand after receiving gifts have a 306% higher lifetime value. &Open competes with Sendoso and ReachDesk, which are in a similar space.
As the pandemic has forced us all to work remotely, sending gifts remotely suddenly took on a whole new meaning. Plus, now “the Great Resignation” means businesses have to keep customers and employees a lot sweeter.
So Dublin-based &Open, which launched in 2017, has now raised $26 million in a Series A led by Molten Ventures, including participation from First Round Capital, LocalGlobe, Tribal VC, as well as new investor Middlegame Ventures. Other new and existing investors also contributed to this round. The Series A brings &Open’s total capital raised to $33.2 million.
The company now has a presence in Ireland, the UK and the US and plans to open an office in New York City next year.
Its clients include Airbnb, Peloton, Spotify, Hopin, Intercom, Wayflyer and BetterUp. It has also launched &Open On-Demand for SMBs.
“Now, more than ever, companies are looking for ways to retain employees and create real connections with customers and partners,” Nicola McClafferty, a partner at Molten Ventures, said in a statement. “By partnering with some of the largest global companies and brands, &Open has proven that gifts, when executed properly, are an incredibly powerful tool to increase brand loyalty and build advocacy.”
The &Open on-demand gift market gives SMBs the ability to offer easier gift giving and a pay-as-go model, unlike &Open’s Enterprise solution, which has an annual contract and SaaS fees.
“All companies give gifts, be it their employees, customers, prospects or partners. Businesses give gifts because people drive businesses and those relationships should be nurtured. Today, more than ever, loyalty matters,” said Jonathan Legge, co-founder and CEO of &Open.
