UK-based incentive marketing platform developer WeGift has added $4m from CommerzVentures, the corporate venture capital fund backed by financial services firm Commerzbank, to a series A-plus round now sized at $12m.
The company raised $8m in a November 2020 tranche led by AlbionVC and backed by Unilever Ventures and SAP.io, on behalf of consumer goods producer Unilever and enterprise software provider SAP respectively, in addition to Stride.vc.
WeGift has built a software platform that allows businesses to streamling the process of issuing disbursements, financial incentives and non-cash payouts. Unilever Ventures, SAP.io, Stride.vc and various individuls had provided $5.1m for the company in mid-2019.
CommerzVentures partner Heiko Schwender has joined WeGift’s board of directors. He said: “The $700bn rewards and incentives industry is ripe for disruption. With the mass adoption of all-digital, work-from-everywhere and live-from-anywhere, there is an even greater need for a global, on-demand, instant payouts solution.”
