Polish VC fund Online Venture and Practica Capital invest in Rewalon

2014 June 6

Polish VC fund Online Venture and Practica Capital invest in Rewalon

Lithuanian startup Rewalon (Gifty UAB), which provides corporate rewarding and client motivation services under the Rewalon brand and also runs gifting mobile app Gifty, received a follow-on round investment from Polish venture capital fund Online Venture and the earlier investor Practica Seed Capital fund managed by Practica Capital as well as the local angel investor. 

“Our decision to invest is based on increasing popularity of the service. Rewalon has a solution for the clear problem, saves money so is very attractive for the companies” says Mikolaj Lipinski, Online Venture partner.

Rewalon easily enables any organization to prompt a desirable actions of the customer, shape habits, maintain customer relations. Rewalon operates for just a year and a half but already provides services in Lithuania, Latvia and Russia. Company’s clients are American Express, Bitė, Swedbank, Lietuvos draudimas (owned by PZU), PZU Lithuania, Omnitel (a part of Telia Sonera group), Citadele bank, Alfa bank and others. Rewalon is used by half of banks in Lithuania that occupy 85% of the market, two out of three mobile service providers and insurance companies with 40% market share.

Rewarding campaigns may be organized in few hours and run automatically. With Rewalon companies can reward with products from top chains in local markets: Forum Cinemas, TGI Fridays, Il Patio, Vero Café, Čili, Coffee Inn, Papa Johns Pizza, Formula kino. In February, Rewalon was awarded as the best client oriented service at banking technology conference Finnext 2014 in Moscow.

Read more here.