Loyalty Prime has been backed by the VC affiliate of Technical University of Munich’s Unternehmertum as it builds the international profile of its loyalty scheme management software.

Germany-based customer loyalty scheme software developer Loyalty Prime received a seven-figure euro (€1m = $1.1m) sum yesterday in a round backed by Unternehmertum Venture Capital (UVC) Partners.

UVC Partners is the venture capital affiliate of Technical University of Munich’s tech transfer office Unternehmertum.

The round also featured Bavarian state-owned BayBG Bayerische Beteiligungsgesellschaft and Loyalty Prime’s existing investors, which include venture capital fund Senovo and private investor Alexander Bruehl.

Founded in 2014, Loyalty Prime has built a cloud-hosted software-as-a-service called Prime Cloud Loyalty Program that allows businesses to manage their customer loyalty schemes.

The software has an accessible user interface and can be used to control or access various aspects of loyalty programs, such as customer enrollment, phone number verification and transaction histories.

Loyalty Prime currently has offices in Munich, London, Atlanta and New Delhi, and will use the cash to recruit for expansion in 2019 focused on the US. Funds will also be invested in product innovation and development.

UVC Partners, Senovo and Alexander Bruehl all previously took part in a $1.6m series A round for Loyalty Prime in January 2017.

Andreas Heubl, investment manager at BayBG, said: “Within just a few years, Loyalty Prime has grown from being a start-up into a leading global provider of loyalty program solutions.

“Since 2014, the company has been continuously demonstrating that its products can successfully satisfy the strong demand for effective customer loyalty solutions.”