&Open Raises $7.2M to Revolutionize Gift-Giving

The Growing Trend of Corporate Gifting

In today’s business landscape, sending gifts to clients and customers is a common practice. From confectionery to beverages, companies are increasingly utilizing gifting as a strategy.

However, this process is often managed inefficiently, typically residing within marketing departments and relying on spreadsheets.

New Startups Disrupting the Gifting Space

Several startups have identified the need for a more streamlined and scalable gifting solution. Companies like Sendoso ($52.7 million raised) and ReachDesk ($6 million raised) are leading the charge.

Now, a new entrant, &Open, is joining this market.

Introducing &Open

Despite its unconventional name – pronounced “And Open” – &Open has secured $7.2 million in funding to simplify the process of brands sending gifts to enhance customer loyalty and engagement.

The seed round was led by First Round Capital and LocalGlobe, with participation from angel investors including Andrew Robb (Farfetch), Des Traynor (Intercom), and Liam Casey (PCH).

These funds will facilitate expansion into European and U.S. markets. Currently, &Open reports delivering over 3,500 gifts on a weekly basis.

The Founders and Company History

Founded in 2017 and based in Dublin, &Open was established by Ciara Flood, a former buyer at Net-a-Porter and founding team member at Mr Porter.

She collaborated with her husband, Jonathan Legge, and her brother-in-law, Mark Legge. The Legge brothers previously founded Makers & Brothers, a venture specializing in high-end gifts and homeware.

Notable Clients

&Open’s client roster includes prominent companies such as Airbnb, Spotify, and Peloton.

The Impact of Emotional Connection

Gifting can significantly impact customer behavior. Research cited by the company indicates that customers with strong emotional connections to a brand demonstrate a 306% higher lifetime value.

Conversely, &Open argues that traditional methods like corporate gifts, branded merchandise, loyalty programs, and vouchers are often ineffective.

Statements from Leadership

Jonathan Legge stated: “Customers now favor brands that demonstrate care and connection over purely transactional interactions. A well-chosen gift can substantially improve a customer’s experience, fostering advocacy and loyalty.”

Hayley Barna, a partner at First Round Capital, commented: “The era of relying solely on points-based loyalty schemes to retain customers is over. Brands must actively work to maintain customer engagement, and &Open offers a sophisticated solution to this challenge.”