The funding will help &Open expand the reach of its platform. Here are the top-line bullets you need to know.
&Open, a corporate gifting platform, has raised $26M in a Series A. The round drew participation from First Round Capital, MiddleGame Ventures, Molten Ventures, Phoenix Court Group, and Tribal.vc.
HOW’S THE COMPANY PERFORMING?
- Ireland-based &Open enables businesses to send gifts to customers, prospects, and employees.
- The company’s annual recurring revenue (ARR) and customer base have increased by 376% and 270%, respectively, over the past year.
- The company operates in over 120 countries. Some of its clients include Tines, Wayflyer, Spotify, Remote, Airbnb, and Reebok.
- The startup is currently supported by a team of over 90 employees across Ireland, the US, and the UK.
Source: &Open
WHY DOES THE MARKET MATTER?
- The global corporate gifting market was expected to reach a value of $242B in 2021 and grow at a CAGR of 8.1% through 2024, according to Forbes.
- Rising customer acquisition costs have led companies to turn to solutions designed to enhance customer loyalty and retention.
- The pandemic-induced e-commerce boom has also contributed to growth in this market.
