NIGERIA – Connected Analytics, a retail-tech/analytics startup, has secured a seven-figure pre-Series A funding led by Hong Kong’s Betatron Venture Group, with participation from Mauritius-based Accelerex Holdings, as well as San Francisco-based Predictive VC and 500 Startups.
Also participating are angel investors like Craig Fenton, Head of Strategy and Operations for Google UK, Brandon Drew of SaaS Growth Ventures, among others.
The company wants to use the round to aid quality team additions and improve its technology to effectively execute on its latest strategic partnerships.
Connected analytics is the company behind ThankUCash, a platform that wants to help companies deepen customer loyalty and increase revenue with data analytics and customer rewards.
Founded in 2018 by Simeon Ononobi (CEO), Madonna Ononobi (COO), Suraj Supekar (CTO), and Harshal Gandole (joined later as Senior VP-Tech), the multi-merchant rewards platform is bringing a different approach to how businesses approach customer retention and brand loyalty. So far, it appears to be gaining traction.
Connected Analytics, through its first product, ThankUCash developed a reward system to study customer’s spending patterns, their value preference and retention. The platform uses the data to help clients earn, save more deals, and grow their businesses.
“We’ve created an API from the ThankUCash product, even banks use it today to reward customers and get them to enjoy discounts, rewards, across multiple merchants,” said Onobi.
“Imagine earning rewards from your barbing saloon, your closest restaurants, your supermarket and being able to use your rewards at any of these businesses. It becomes more valuable for you. You’re one customer but you have ten businesses that you patronise because they are all rewarding you.”
ThankUCash has been able to sign brands like Dana Airlines, Enyo retail (a fuel retail company). Ononobi claims that it has been able to help Enyo Retail grow from 4-7 locations in 2019 to almost 100 locations today.
Ononobi reveals that before the pandemic, the platform hit 800k users, but that significantly dropped. Since most of its clients maintain physical businesses, the company had to pause its operations.
According to Ononobi, the startup has entered strategic partnerships with major banks and financial institutions.
“We’ve signed partnerships with some banks, and one of them could boost our user base to hit 2 million once finalised. We’ve also partnered with Africa’s largest fintech firm which will also expand our reach to up to 40 million customers.”
According to TechPoint, Connected Analytics has partnered with Sterling Bank, First City Monument Bank (FCMB), and Wema bank. Though Ononobi refuses to name drop the fintech partner or the banks, our best guess will be for readers to expect an Interswitch announcement.
“We are working to expand to airports, where customers can get rewards when shopping across the nation. We are also working to help online merchants integrate our API to their platform,” Ononobi discloses.
Considering the calibre of the proposed partnerships, the plans to expand the team with quality additions and upgrade its current technology with the seven-figure round makes sense. The company has already poached top staff from companies like KPMG, Jumia, and Econet Media.
Connected Analytics is not resting on its laurels though and it’s already planning to close an eight-figure Series A in the second quarter of 2021.
Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE
