Singapore-based startup GimmieWorld Pte Ltd has secured $700,000 (MYR2.34 million) from private investment company and incubator IdeaRiverRun Sdn Bhd (IRR), the companies said.
Gimmie, which provides digital marketing tools such as loyalty and rewards programmes, will use the proceeds to support its Asian expansion. The company is also developing GimmieX, considered as Asia’s first first software-as-a-service data management platform, and says this platform will give marketers a significant advantage as they will be able to convert more site visitors through audience segmentation and personalised messaging.
IRR said in a statement that the fresh funds will be used to boost GimmieX’s product development.
“We are always on the lookout for a game-changer which can make a real difference to the dynamic marketing landscape,” said IRR chairman Vincent Lee.
“We believe that data management platform and gamification are exciting and practical engines of digital engagement – hence our investment in Gimmie offers strategic value to our digital assets and our clients’ marketing programmes,” he added.
This tool will especially benefit larger enterprises and brands that focus on retention and increasing engagement of current customers through rewards, loyalty and gamification, IRR said.
Gimmie chief executive officer and founder David Ng added that the company was keen on the partnership with IRR.
With its tremendous experience in marketing, advertising and content, we believe we’ve found the perfect partner to take Gimmie to the next level,” he added.
“When we moved here from Silicon Valley two years ago, we assumed that it was going to be difficult because Asia is a fragmented market. To be successful we’ve learnt that it is not only about your product or team, but it is also about having partners who can help you in this region.
Gimme had laid off most of its employees who were US-based and shifted to Asia after securing funding from the Singapore government – it had bagged $522k from Jakarta-based venture firm Ideosource and WaveMaker Labs in partnership with the Singapore National Research Foundation. Prior to that, during its stint in Silicon Valley, it had raised $200k from mobile incubator Tandem.