/ News / Customer loyalty startup Buzzoek closes 2nd Leapfunder Note

Customer loyalty startup Buzzoek closes 2nd Leapfunder Note

Buzzoek, one of the promising startups in Startupbootcamp’s current NFC class, has today announced the completion of its second seed funding round. Marking the biggest success for Leapfunder to date, the company has raised a combined EUR235k via the young crowdfunding platform (EUR97k & EUR138k).

The Amsterdam based startup aims to shake up the consumer loyalty sector and get rid of the abundance of paper and plastic loyalty cards consumer have to carry around. Instead of opting for “one card to rule them all” (and in the darkness bind them…) Buzzoek has based its concept around readily available cards using NFC technology, like the OV Chipcard and student passes.

Buzzoek targets their solution at smaller and local stores. It offers small shop owners the possibility to run loyalty campaigns and receive analytics, that would otherwise only be available to large retail chains which operate significant loyalty programs. Their product is currently live at various stores and cafes in both Amsterdam and Utrecht, but has also drawn considerable foreign interest.

Founders John Staunton and Renji John have calculated that companies in the Netherlands alone already spend more than EUR100 million on loyalty cards. “Just the paper stamping cards in the Netherlands lead to 2,200 trees being cut per year,” according to John. “Combining both plastic and paper, together 1.1 million kilos, you could form a line of 20,000 kilometers, which would bring you halfway across the earth.” 

Buzzoek has been the biggest success for the Leapfunder convertible note platform so far. In an earlier interview John explained they opted for the fellow startup’s solution because of the option to start with convertible notes. Tomorrow, at the Startupbootcamp demo day, John will be pitching to kick of his Series A funding round. Buzzoek aims to raise a total of EUR1 million at the event, which is expected to draw around 400 attendees, among which a large stock of investors. 

Disclaimer: I participated in both Leapfunder funding rounds of Buzzoek and am also an early investor in Leapfunder itself. 

 
Photo by Pieter van Marion (creative commons via Flickr)

Wouter Kneepkens
Startup guy, mentor & investor with finance background | fund manager @ VNT.RE | founding editor @ StartupJuncture | co-founder @ SNTMNT | INSEAD alumn | Singapore & Amsterdam | Wouter Kneepkens
  1. […] don’t”. Buzzoek has also shown that investors can be found in The Netherlands: The company has already raised € 250k. It is now looking for an additional € 1M in growth finance. Buzzoek announced on stage not just […]

Leave a Reply

Your email address will not be published.

Read on