Kenya’s CashBackApp Raises $475k pre-seed Funding Round for Expansion
Kenya based customer loyalty startup CashBackApp has announced it raised $475k in a pre-seed funding round. Investors in the round include Lofty Inc, Sherpa Ventures and Loyal VC, and several angel investors based in the US, UK, Nigeria and Kenya.
CashBackApp was launched in 2018, to help consumer goods companies build loyalty amongst customers by rewarding them for their patronage.
The platform enables consumer goods companies and retailers promote their products and reward buyers.
With the platform’s user base growing at a monthly compounded rate of 38 per cent in the first half of 2021 to reach 45,000 downloads, CashBackApp has also signed up major international FMCGs as customers, including CocaCola, Colgate and Ajab.
CashBackApp intends to use the funding round to help scale its service in Kenya and prepare for expansion to neighbouring countries.