Jungle Ventures, Spring Seeds invest in Singapore’s Taggo
Taggo, a marketing start-up that helps retailers turn their Facebook pages into loyalty programs, has raised Series A funding led by Jungle Ventures and Spring Seeds Capital, the investment arm of the Singapore government’s Spring agency.
The financial terms of the deal were not disclosed. The funding follows an earlier seed round with Stream Global and Singapore's National Research Foundation.
Taggo's app adds loyalty club features to existing Facebook pages. In Singapore, customers can opt in by registering their mobile number at the retailer's Join Fan Club website and like their Facebook page.
Taggo allows retailers to measure the reach and influence of their fan page and promotions by watching the fan-to-customer conversion rate. Instead of using multiple loyalty cards, customers can use one card for various programs.
The service is free for merchants, as the service is bundled into the fees that they normally pay for credit card processing. Instead, banks and payment companies pay for the service. Taggo says merchants are reporting a 3-4 times increase in debit card usage after launching fan clubs sponsored by Singapore's national debit card brand, NETS.
Taggo's platform is used at over 100 restaurants and retail outlets in Singapore, and another 100 outlets are preparing to launch in August and September.
The funding comes as Taggo is moving towards large scale deployments around the world. Aaron Koh, a spokesperson for Taggo, told AVCJ that the company is currently focused on getting well known retailers on board in Australia, the US, Europe, Southeast Asia and South Korea.
The platform is cloud-based and technically capable of supporting loyalty clubs anywhere Facebook is present, with a launch possible in less than 24 hours.
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