Ventures Platform founding partner Kola Aina announced the investment in a statement on blogging site Medium last Thursday (11 October).
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Aina said his firm saw the “huge but fragmented and largely unstructured” retail economy in African countries — where small businesses do not have the resources or expertise to build robust loyalty programmes or data analytics — as an opportunity.
So far this year, Thank U Cash has secured funding from Nigerian VCs Ventures Platform and Microtraction
Thank U Cash was founded earlier this year by CEO Madonna Ononobi, CTO Surak Supekar and COO Simeon Ononobi. The startup enables consumers to save and earn loyalty points that can then be swapped for cash. Merchants benefit from the extra spend.
Previously, in August, the startup received an investment from Nigerian VC Microtraction. According to the funder’s website, it ordinarily invests $65 000 in two stages — with an initial investment of about $15 000. Business information platform Crunchbase estimates that Thank U Cash has raised $210 000 in funding over three rounds.
‘Thank U Cash’ rewards you with instant cash back when you pay with cash or card, online or offline. https://t.co/NC3pB51EPF
— Yele Bademosi (@YeleBademosi) August 20, 2018
The startup is also part of the second cohort of the Google Launchpad Accelerator Africa, which kicked off in August.
Featured image: Thank U Cash team (Kola A. via Medium)