South African digital media firm Tritech has acquired a 25 per cent stake in mobile rewards startup platform TuYu, which the startup will use to scale its operations both at home and internationally.
The amount paid for the stake is undisclosed, but Tritech Media, which is controlled by the Kirsch family, has the option to increase its stake to 50.1 per cent at any point over the next three years.
TuYu is a mobile rewards and incentives platform that allows companies to reward their staff or consumers at the click of a button, directly to their mobile phones. Formed in October 2013, it ensures a quick turnaround time between qualifying for a reward and receiving one. Integration with wiGroup’s wiPlatform gives the startup access to over 55,000 till lanes in South Africa.
“This investment further entrenches our position as the leading provider of all-encompassing loyalty solutions in South Africa,” said William Kirsh, founder and chief executive officer (CEO) of Tritech Media.
“TuYu is core to our strategic positioning in using its proprietary technology to deliver customised content over digital media. Importantly TuYu focuses on the mobile phone channel which delivers rewards precisely to the target beneficiary. TuYu is highly complementary to our offerings targeting the loyalty industry”.
TuYu allows companies to instantly reward users regardless of their location, with only a person’s mobile number required and without the need for extensive human resources. Tritech said TuYu’s self-service portal helps make staff rewards financially viable to a market not efficiently addressed by traditional staff recognition programmes.
CEO Ruan Geyser told Disrupt Africa in February the startup – which initially raised funding through a South African private equity company – was focused on South Africa for the time being but did have international expansion – both in Africa and beyond – on its agenda.
This process has been smoothed by the partial acquisition by Tritech, he said.
“This investment by Tritech Media not only provides valuable funding but also, perhaps more importantly, introduces the perfect strategic partner, one that complements our business, shares our vision and enables us to be at the forefront of mobile rewards in South Africa and internationally over time,” Geyser said.
