Mention Me, a customer referral marketing platform, has announced it has raised $25 million in Series B funding to help expand its product offerings and expand into new markets. The funding round was led by Octopus Ventures with additional participation from existing investor Eight Roads Ventures.
“With third-party data disappearing, paid social delivering diminishing returns and consumers increasingly overwhelmed by endless brand advertising, our technology puts advocacy at the heart of marketing to reconnect marketers and consumers,” Andy Cockburn, CEO and co-founder of Mention Me, said.
“The most successful brands are realizing how this can drive growth, increasing customer acquisition and returns across the marketing activity spectrum.”
The funding round allows the London-based company to further develop its product, helping brands optimize their engagements with new and existing customers. The comprehensive solution dubbed “Referral Engineering” is designed to help marketing teams incentivize, reward, and monitor their customer referrals to drive higher ROI. The platform also features a network of partnership programs with top solutions like Shopify, Klaviyo, and Ometria.
According to the company, a referral on average generates 10x ROI. The company’s data shows that referred customers usually spend 11 percent more on their initial order and are 5x more likely to refer more new customers.
Around the world, more than 450 brands such as Puma, Pret A Manger, Farfetch, and Hive use the solution to accelerate their growth strategies. Since the company was founded in 2013, the platform has generated over 4 million referrals and £1 billion (about $1.35 billion USD).
“Mention Me’s pioneering approach to customer advocacy and impressive growth trajectory is creating a new strategic channel of marketing technology,” said Octopus Ventures Principal Uthish Ranjan.
“We believe the team is well-positioned to accelerate its growth in the changing world of marketing, and we look forward to supporting its international expansion.”