From left: Katie Farrell and Matthew Coffey, Squid co-founders. Image: Dena Shearer
The start-up is launching its funding campaign to pre-registered investors on 3 March, before opening to the general public a few days later.
Dublin-based digital loyalty card platform Squid is launching a public crowdfunding campaign to raise €1.35m at €12.40 per share.
The funds, which will form part of a larger funding round, will be used to support the company’s expansion into new markets, as well as accelerate the roll-out its new universal points system, Wave, the start-up said.
Squid has more than 550,000 active users on its platform and nearly 2,000 business clients across Ireland and the UK. According to the start-up, Wave aims to streamline loyalty rewards across its growing network of partner businesses.
The start-up’s crowdfunding campaign will open to pre-registered investors on 3 March before opening to the general public on 5 March on the investment platform Crowdcube.
Squid aims to promote customer loyalty for businesses by incentivising purchases through a digital loyalty card. By partnering with Squid, brands can ask their customers to download the Squid app and get rewards for purchases, while the business can get customer insights and track customer loyalty.
“Squid is more than just a loyalty app – it’s a mission to empower small businesses and transform customer engagement,” said Matthew Coffey, the co-founder and CEO of Squid. “With our innovative technology and strategic vision, we’re offering investors a unique opportunity to be part of a community-driven revolution in loyalty.”
Squid was co-founded in 2019 by Coffey and Katie Farrell and has already raised €5m from institutional and angel investors. Currently, the start-up is valued at €33m.
The start-up found its way onto the SiliconRepublic.com radar in 2021 as a high-potential start-up (HPSU) founded by young entrepreneurs which received funding from Enterprise Ireland. At the time, Niall McEvoy, a HPSU manager at Enterprise Ireland described Farrell and Coffey as “two young founders fresh out of university and doing a great job”.
While in 2022, Squid was part of Dogpatch Labs’ second NDRC accelerator, a Government initiative to invest in very young digital enterprises and start-ups.
Last year, the start-up signed a strategic partnership with Square, a global payment processing solutions provider, to expand Squid’s loyalty platform to more customers and to position it for further growth at home and abroad.
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