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The news follows hot on the heels of the success of Caffè Nero’s launch of a Yoyo-powered mobile app across 640 stores in the UK and Ireland in April, which shot straight to No1 in the UK iOS and Android Food and Drink app charts.
This latest round will help the London-based company expand partnerships with UK high-street retailers, further enhance the consumer and retail capabilities of its platform, and power its international expansion, with Europe as an initial target.
Alain Falys (pictured right), co-founder and CEO of Yoyo, said:
“Yoyo is now delivering proven benefits to a rapidly growing number of merchants and their customers in universities, corporate campuses and the high street.
“This new funding will allow us to provide the benefits of customer identification and mobile engagement to a wider array of retailers, large and small, in the UK and across Europe.
“We could not have found a better combination of investors to support us through this next stage of growth.”
Yoyo previously raised Seed and Series A rounds totalling £8.7 million to power the company’s growth in UK education, corporate and high street sectors.
It currently generates more than 400,000 registered users, with an acceptance network in more than 1,700 outlets including Caffè Nero and Planet Organic.
“Consumers are spending more than three hours a day on their smartphones and 40% buy more when subject to a personalised shopping experience. Yoyo simply provides all retailers with an accessible way of tapping into these behaviours.”
Hansjörg Sage, general manager at the digital unit of METRO GROUP Wholesale & Food Specialist Company, said:
“Yoyo has convinced a growing number of customers to deploy its data-driven payment and loyalty marketing solutions, including most recently, Caffè Nero, the third largest coffee retail chain in the UK.
“With its strong track record of deploying digital technology at the customer interface, Yoyo’s solution can have a meaningful positive impact on a wide spectrum of retail businesses, in particular in the food and beverage segment.
“As digitization becomes mainstream in hospitality, Yoyo’s technology is a strong candidate for currently untapped market segments. As part of our engagement, METRO intends to contribute to this deployment.”
James Hook, partner at METRO GROUP’s digital unit and to-be-elected board member of Yoyo, added:
“We are delighted to be supporting Yoyo in its ambition to become the leading digital mobile payment and customer engagement platform. We are looking forward to working together with Alain and the rest of the Yoyo team to help support the development of Yoyo’s business.”
News of Yoyo’s Series B funding reached dozens of titles including:
The full press release, with full details of Yoyo and its Series B investors can be found here.