Dubai’s reward platform Bundle raises $5.5 M Pre-seed funding from Ethereal Ventures, Further Ventures

In a pre-seed fundraising round headed by Ethereal Ventures and Further Ventures, Dubai-based Bundle, a networked rewards platform that enables companies to combine their marketing spending into pooled prize cash, has raised $5.5 million.

Bundle said in a statement on Thursday that it would use the money for strategic alliances, product development, and regulatory covering. Additionally, more than 50 founding businesses have already joined in advance of the rollout in Singapore, the Philippines, and Vietnam.

The company claims that as compared to standard promotional efforts, participating brands received conversion uplifts of up to four times.

By combining incentive budgets into shared reward pools, Bundle’s concept enables small and medium-sized businesses (SMEs) to access higher prizes that were previously exclusive to large businesses. Through regular interactions like purchases, referrals, or other qualifying actions, customers earn tickets and take part in shared reward pools.

By managing the regulatory framework and underlying rewards infrastructure, the platform enables marketers to run campaigns across several markets using a single platform.

Businesses have historically relied on discounts and cashback to draw clients, according to Bundle CEO and co-founder Bader Al Kalooti. However, as acquisition costs have increased, these have proven less and less effective. Bundles can be beneficial because people are more motivated by the chance to achieve something significant than by minor savings.

According to Min Teo, Managing Partner at Ethereal Ventures, Bundle helps organizations increase customer growth and loyalty at scale by utilizing blockchain technology and shared rewards. The shared rewards network, according to Robbie Nakarmi, Partner at Further Ventures, provides companies of all sizes with access to bigger prizes to increase conversions at a fraction of the expense.