Insert Coin raises €4.3 million to help companies increase user engagement through gamification; here’s how

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Insert Coin, a Scandinavian-based B2B SaaS provider of gamification technology, expertise and engagement data, announced that it has raised SEK 45 million (around €4.29 million) as part of a funding round from Evolution Gaming founder Fredrik Osterberg via Fros Ventures, and others.

Insert Coin aims to help companies offering digital products create strong engagement and succeed in building customer loyalty.

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Evolution Gaming Founder Fredrik Osterberg said: “We find the technology in engagement and retention, in which Insert Coin is a challenge, very interesting and very exciting to join as the owner of this business. for the journey of continued growth.”

Engage your users with gamification

Founded in 2018 by Bjorn Evers and Carl Bjerkne, Insert Coin is a gamification company that offers gamification as a service (GaaS) and knowledge sharing in partnership with scientific research projects.

The company says, “We believe gamification can change people’s behavior in digital products. And we want transformation to happen the right way – through disruptive innovation, scientific and transparent communication with customers and research departments, and by adapting to customer needs.

The company has created a gamification platform/API that offers engagement mechanisms such as achievements, levels, leaderboards, rewards, and more. as well as AI that optimizes customer choice and balance. AI uses the knowledge of millions of users and their behavior in different products and industries.

Co-founder Carl Bjerkne says, “Chasing new customers is expensive and too many people lose too many customers they manage to get. We need to improve to immediately capture the customer’s attention and create engagement as soon as new users are onboarded. »

Insert Coin says it can provide customers with engagement data that addresses what needs to be done to engage their users, as well as offer the right tools needed to implement this into the product. The company reports that the majority of customers confirm at least a 20% increase in retention, and often much more than that.

The company’s API and platform, GWEN (Gamify the World Engine), already has 13 million users, including leading sports fan app Socios.com, Austrian bank Raiffeisen and Roblox challenger HiberWorld. .

Use of capital

The proceeds will help Insert Coin hire more talent in its technology, sales and marketing areas to take the next step in its platform strategy. This summer, the company will release a freemium version of GWEN that customers can sign up and test for themselves at no cost. The goal is to reach 25 million users on the platform by 2022.

Co-founder Carl Bjerkne says: “I am extremely happy that we have secured our cycle in a solid way even in these particular times and that we have such competent investors who both see the potential and have made the journey themselves. .

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