Leeds tech firm’s retail app attracts six figure investment

A consortium of individual investors have invested a six figure sum to acquire a minority stake in a Leeds-based digital technology company.

Perks Loyalty Ltd, launched less than nine months ago by serial entrepreneur and former professional footballer Achille Traore, is aiming to revolutionise the way retailers set up and run customer incentive and loyalty programmes using app-based technology.

The company has devised a Merchant app that enables retailers to devise and set up new bespoke programmes in minutes, and a Perks app that customers download to their smart phones, which eliminates the need for traditional reward/loyalty cards.

The Perks app lets customers use their phones as a virtual card, where they can register visits/purchases and bank/redeem rewards. The app also gives retailers the ability to gain insight about their customers and also ‘push’ promotions to their customers’ phones.

Commenting on the investment deal, Achille Traore said: “I’m really excited by this business. We’ve already signed up 90 retailers and the money I’ve raised by selling a small stake in the company will enable us to growth the business and make Perks Loyalty a household name in digital loyalty”.

Advantage Business Angels facilitated the deal with Perks, helping to mould the investment structure to suit its network of angel investors.

The investment agreement was handled by Daniel McCormack, director in the Corporate Finance department of Yorkshire law firm, Lupton Fawcett Denison Till.

Daniel said: “Achille already has a proven track record for successful start ups and it’s been great working with him for the last 12 months. He was a stand-out candidate at the Leeds Beckett Business Awards so it’s no surprise therefore that people want to invest in his business.”

“Having sponsored the Business Awards, we are delighted it has resulted in us attracting an entrepreneurial client whose innovative ideas are already in great demand.”

Perks Loyalty Ltd is based at Leeds Digital Hub, a partnership between Leeds Beckett University and The Yorkshire Post that offers workspace, professional support and mentoring services to developing tech businesses.