Since the pandemic, customer acquisition has become even more expensive, with the cost of social media advertisements virtually doubling and their efficiency declining as a result of privacy changes. Despite this, most firms do very little to retain clients, as existing solutions are difficult to administer, time-consuming, and expensive to start and maintain.

However, a potential answer to the fragmented loyalty market, Boomio – an all-digital customer loyalty platform – is quickly becoming prominent. After successfully growing its revenue three times over the past year in the Baltic states, it has recently raised a €550K follow-up round. They will use the funds to improve their product and expand to the German market.

The current round of investment was led by Lighthouse Ventures and a syndicate of 4 European angel investors. Last year, Boomio received an investment of €215K from 2 LitBAN investors and 2 VC funds – 70V and Startup Wise Guys.

“We will help small and medium businesses to discover their loyal customers who generate ~80% of revenue and provide simple and effective tools to help them grow up to 2.5 times faster than their competitors,” says Jonas Davalga, CEO and co-founder of Boomio.

Boomio is on a mission to transform the current customer loyalty market, where loyalty programs are either outdated or inaccessible. Furthermore, saving money became a top concern for the typical consumer as a result of the current economic recession and inflation. While participating in loyalty programs is one method to do this, keeping up with multiple plastic cards and paper coupons is becoming challenging, while developing in-house apps is too expensive for most businesses.

Boomio addresses this issue by centralizing all available saving methods (coupons, cards, discounts, etc.) and providing an easy way to use their web platform and app, where setting up a loyalty system will take not months or weeks but just a few hours.

“We see huge potential in what the Boomio team is working on and the ability to bring added value to the number of small and medium-sized businesses,” confirms Robert Reich, Investment Manager at Lighthouse Ventures.

The consumer-oriented Boomio app allows consumers to see all of their discounts, rewards and coupons under one roof. That makes it easy for them to reduce their expenses, which is especially relevant during economic slowdowns.