Dublin-based tech company Squid Loyalty has raised €1.7 million in crowdfunding to help expand its platform, exceeding its original target.
The company, which was founded in 2019 by Katie Farrell and Matthew Coffey, gives small business advanced marketing tools and access to real-time customer insights, through a digital loyalty card.
The crowdfunding, which was carried out through investment platform Crowdcube, was part of a larger round that will accelerate the rollout of its next generation universal points system Wave and help the company expand into new markets.
More than 2,600 investors bought shares in the Dublin-based tech company, at €12.40 per share, with Squid hitting its target within six hours of the campaign opening to the public.
The data showed strong backing from local investors, with more than 2,000 Irish investors backing the company.
It also looked at the demographics of investors, with younger investors on the platform backing the company in large numbers.
“This funding allows us to accelerate the rollout of Wave and continue driving innovation in how businesses connect with their customers,” Mr Coffey said.
The latest funding round adds to the existing investment the company has raised from institutional and angel investors, with the company raising €5.5 million to date.
Before the raise, Squid was valued at €33 million. Last year it signed a strategic partnership with global payment processing solutions provider Square that will expand its loyalty platform to more customers and open up international markets.
Squid currently has almost 2,000 business clients across Ireland and the UK.
