A consortium has invested a “substantial” six-figure sum to acquire a minority stake in a digital technology company which has enjoyed rapid growth after joining the Leeds Digital Hub.
Perks Loyalty, which was formed around nine months ago by the serial entrepreneur and former professional footballer Achille Traore, is aiming to revolutionise the way retailers set up and run customer incentive and loyalty programmes using app-based technology.
A spokesman said that the consortium was made up of a number of “successful individual investors”.
The company has devised a “merchant” app that enables retailers to devise and set up new bespoke programmes in minutes, and a “perks” app that customers download to their smart phones, which eliminates the need for traditional reward and loyalty cards.
Mr Traore said: “I’m really excited by this business. We’ve already signed up 90 retailers and the money I’ve raised by selling a small stake in the company will enable us to grow the business and make Perks Loyalty a household name in digital loyalty”.
Advantage Business Angels facilitated the deal with Perks, helping to tailor the investment structure to suit its network of angel investors.
The investment agreement was handled by Daniel McCormack, director in the corporate finance department of Yorkshire law firm, Lupton Fawcett Denison Till.
Mr McCormack said: “Achille already has a proven track record for successful start-ups.”
Perks Loyalty is based at the Leeds Digital Hub, a partnership between Leeds Beckett University and The Yorkshire Post that offers workspace, professional support and mentoring services to developing tech businesses.