Startup Beat the Q acquires loyalty app eCoffeeCard
eCoffeeCard is a free app available on iOS, Android, Windows, and Blackberry devices. Similar to the concept behind Rewardle, it consolidates coffee loyalty cards in one location; and currently has a reach of 1,600 cafes and 320,000 users in Australia.
Beat the Q has funded the acquisition by completing a capital raising round with current and new shareholders – including Greg Wilkinson (Founder, Reckon Limited), James Spenceley (CEO, Vocus Communications), and former AFL star Leo Barry. Dollar values were not revealed in the announcement.
“Having the founders of two of Australia’s most successful technology companies back us as investors is a huge boon for Beat the Q. We’ll now be able to draw on the experience, insight, and advice from James and Greg, who have driven sustained growth on the ASX for Vocus and Reckon respectively,” said Adam Theobald, Founder and CEO of Beat the Q, in the media release.
Wilkinson was a seed investor in Beat the Q and is reinvesting due to the company’s traction and strategic direction.
“Adam and his team have developed a fantastic product and platform, one that is making mobile payments seamless and simple,” said James Spenceley, CEO of ASX-listed Vocus Communications, in the media release.
“The ECC acquisition is great because the synergies between the businesses will catapult them forwards together. Growing via acquisitions was very successful for Vocus, giving us product and scale faster than we otherwise could have developed them.
Beat the Q has experienced massive growth over the past year, processing over 500,000 orders for hot drinks through the app. They’ve also signed up over 250 cafés around Australia – including Toby’s Estate, Danes, Marionette, Sonoma, Campos Coffee, Gabrielle Coffee, GG Espresso, and Mecca Espresso.
“Acquiring eCoffeeCard gives us a direct business relationship with 15 percent of all cafés around Australia, and a platform for true scale to help us become a market leader,” Theobald said in the media release.
“There are strong synergies between Beat the Q and eCoffeeCard at a product, merchant, and consumer level, which is why the acquisition is such a perfect fit for us. We think bringing together two market leaders in their respective categories is a ‘one plus one equals three’ situation.
This acquisition means Beat the Q will be competing against Australian startup Rewardle, which started off as a loyalty app, and recently introduced ‘order ahead’ and mobile payment functionalities.