Qoala closes a €1.6M investment round to improve ecommerce conversion rate in Spain and Latam

- October 31, 2022

Qoala, the company focused on finding and applying discount coupons for online purchases, plus giving cash back to their users, closed a new €1.6 million round of investment key for their growth and brand positioning as an industry leader in the “loyalty” sector. The startup already has more than 250.000 users and works with more than 3.000 stores in Europe and Latin America. 

With the new investment, Qoala is aiming to be the ecommerce solution of preference in Spain. Also, this will help the company to scale its business in Latin America. Furthermore, the startup is looking to expand its team with top-notch talent, bring more users and keep developing the sustainability component in the company through climate action projects. 

“The investment in this round will help us to keep growing and to be the leading tool in capital savings in Spain and LATAM. We are in a difficult global context, taking into account the fast increase in living costs, that is impacting a lot of people. Is the perfect moment for Qoala’s growth, while helping as many people as possible to save money in their online purchases”, said Rafael Rubio, CEO of Qoala

Some of the investors include -apart from the previous ones like Draper B1 or angel investors such as Andreas Mihalovits- Wayra, Telefónica’s early stage fund, and Media Digital Ventures, the leading Media for Equity fund in Spain, part of the Antai Venture Builder. In addition, more than 250 investors from the Crowdcube equity crowdfunding platform have joined the project.

“We are delighted to invest in Qoala, they have a strong funding team and a highly scalable product that allows the ecommerce conversion rate to improve and facilitates better prices for the end consumer; this is very important in the current global context. We wish we can help and support them with anything they might need so they can keep growing and expand to other markets”, mentioned Marta Antúnez, director at Wayra Barcelona.

The Media for Equity with MDV investment will allow Qoala to keep growing and to work with top-notch influencers and agencies. With this, the company is hoping to significantly increase its user base. Ramiro Iglesias, Venture Partner at MDV commented on the investment: With this investment from Social Hub, we are replicating the communication strategy from one of the most iconic success stories in the sector…focusing on content creators, influencers, and esports teams to create more brand awareness and credibility in their target audience”