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Press Release

Capillary raises $45mn to build the best loyalty management company globally

The fund raise comes from a consortium of global investors- Avataar Ventures along with its LPs (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.


Hardik Gupta

3 Min Read

June 01, 2023

Bengaluru, India and Minneapolis, USA- June 1, 2023


Capillary Technologies, a global leader in loyalty management and customer engagement technology solutions, today announced the successful closure of its Series D funding round. The company has raised $45mn million from a consortium of global investors- Avataar Ventures along with its LPs (Pantheon, 57Stars, and Unigestion), Filter Capital, and Innoven Capital.


The funds raised through the Series D funding will play a pivotal role in driving Capillary Technologies’ global expansion efforts and supporting its mergers and acquisitions strategy. Over the past few years, the company has achieved remarkable success as enterprise brands worldwide increasingly prioritize customer loyalty to enhance retention rates and decrease customer acquisition costs. Notably, Capillary Technologies witnessed exceptional growth in the United States, expanding 3.5 times since the acquisition of Persuade in 2021. The US now accounts for more than a third of Capillary’s revenue.


The company also solidified its position through the acquisition of Texas-based Brierley, a global leader in loyalty. Furthermore, Capillary Technologies received recognition as a Leader on the Forrester Wave for Loyalty Technology Solutions earlier this year. These accomplishments, coupled with ongoing developments, position the company on a trajectory to become the foremost loyalty technology company globally.


Team Capillary


Capillary Technologies’ Founder and MD, Aneesh Reddy said, “It has been an incredible journey over the past decade and a half. There have been immense learnings and I am grateful for the support of all the investors we’ve had till now and I am pleased to welcome new investors onboard. Commitment from marquee investors like Avataar’s LPs along with existing investors Avataar Ventures and Filter Capital is a testament to the value Capillary Technologies has created in the loyalty domain. With this new funding, we are poised to expand our footprint in North America and Europe and pursue strategic acquisitions that align with our vision of becoming the preeminent loyalty company globally.”


Mohan Kumar, Managing Partner at Avataar Ventures said, “It has been truly remarkable witnessing Capillary’s business transformation over the past four years. The strategic decision to diversify from Asia into the US and Europe, encompassing various consumer verticals beyond retail, has been nothing short of impressive. This move has catapulted Capillary into a leadership position in Loyalty software and this has been recognized by external mentions like the Forrester Wave. Given the expanded addressable market and the immense potential that lies ahead, Avataar is wholeheartedly committed to supporting Capillary in its pursuit to become a global market leader.”


Speaking about the investment, Sameer Garde, CEO of Capillary Technologies said, “The last year has been nothing short of euphoric for Capillary. Right from winning some very large accounts across the globe to being named a Leader on the Forrester Wave, the energy in the team is infectious right now. We are thrilled to have such esteemed partners join us in our journey toward transforming the loyalty landscape globally. This funding will enable us to extend our reach and capabilities to deliver exceptional customer loyalty experiences to a broader range of businesses across diverse markets.”


Capillary works with 250+ enterprise brands touching more than 1 billion customers across the globe. Some of the largest loyalty programs in the world are run on Capillary’s AI-powered SaaS platform which is loved by brand marketers. The product suite has an extensive integration ecosystem which makes it easy for enterprise brands to go live faster and start seeing results. The secured funding will bolster Capillary’s value proposition and accelerate its global expansion, fostering continued growth across markets.


About Capillary Technologies


Founded in 2012, Capillary Technologies has a presence across the United States, India, the Middle East, and Asia, in particular, South East Asia. Capillary is an end-to-end customer loyalty platform that offers a comprehensive view of consumers, and unified, cross-channel strategies that deliver a real-time omnichannel, personalized, and consistent experience for customers. Powering 100+ loyalty programs, across 30+ countries, Capillary works with 250+ brands including the likes of Tata, PUMA, Shell, Al-Futtaim, Petron, Domino’s, Kanmo Group, and Marks & Spencer. With a massive reach of 1Bn+ consumers and processing 5Bn+ annual transactions, the company has the backing of Warburg Pincus, Sequoia Capital, Avataar Ventures, and Filter Capital. For more information, visit

Hardik Gupta

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Hardik Gupta

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