Founded back in 2010, Taggo converts any existing Facebook fan page into a loyalty program Fan Club by linking the customer’s Facebook account with their mobile number, and making this information easy to access at the retailer’s point of sale. Basically, you can use Taggo to get big discounts just by checking in as a fan on Facebook.
During our previous interview with Taggo’s CEO Aneace Haddad, Taggo is free for merchants, as the service is bundled into the fees that they normally pay for credit card processing. Payment brands like PayPal sponsor the service because they get merchant funded offers that attract users and increase share of wallet.
“Our business model is now clear and tested” – Aneace
According to the company press release, Taggo currently drives fan clubs at over 100 restaurants and retail outlets in Singapore, with another 100 more outlets set to launch in August and September. The company is currently pursuing sponsorships with banks and payment brands around the world.
Investment by Jungle Ventures and SPRING SEEDS follows an earlier seed round from Stream Global and Singapore’s National Research Foundation (NRF). The funding amount is undisclosed.
Earlier in July, Jungle Ventures’ portfolio company travelmob, was acquired by US based HomeAway. In June, another of its portfolio company DocDoc, announced a merger with its competitor DoctorPage, joining forces to become the largest healthcare portal in Asia. In the past two months, the Singapore-based venture capital firm announced their investments in video sharing startup Snyppit as well as micro-lending platform Milaap.
You can read more on our coverage of Jungle Ventures.