Touchstone Innovations plc has participated in a £12.0m Series B funding round in Yoyo Wallet Limited. Innovations has committed £4.0 million to the round, which was led by the digitalisation and start-up investment arm of the METRO GROUP Wholesale & Food Specialist Company, an internationally leading specialist in wholesale and food retail with ca. €37 billion in annual turnover. The round was also supported by Woodford Investment Management.
Founded in 2013 by a team of highly experienced entrepreneurs from the credit card and payments industry, Yoyo helps retailers drive business growth through mobile-first customer engagement. Operating through the Yoyo app, and via retailer-specific branded apps built and powered by Yoyo, the Company helps retailers to know, influence and simplify their customers' purchasing behaviours, whilst providing an engaging customer experience.
The Yoyo 'app' was launched in early 2014 across 32 food and drink outlets at Imperial College London and is now one of the fastest growing and largest multi-retailer mobile wallet in Europe, with more than 400,000 registered users; and an acceptance network in excess of 1,700 outlets.
Yoyo is now targeting high-street retail chains and independents. In November 2016, the Company announced it had been selected by Caffè Nero as the coffee chain's mobile payment and loyalty strategy partner, and earlier this year began the roll-out to the retailer's network of more than 600 stores. The Caffè Nero app went straight to number 1 in the UK iOS and Android Food and Drink app charts in April this year.
Jon Edington, Director of Technology Ventures at Touchstone Innovations, said:
"Following the success of their recent Caffè Nero collaboration, this latest funding round will help the team to build more partnerships with UK high-street retailers and further develop their AI marketing functionalities. It will also help the Company to realise its ambitious plans for international expansion across Europe."