WeGift, a London-based company specializing in an “incentive marketing” platform that simplifies the process for businesses to distribute e-gift cards and other digital rewards to their customers, has secured $8 million in a new round of investment.

This funding, categorized as a Series A extension, was spearheaded by AlbionVC. Current investors, including Stride.vc, SAP.iO fund, and Unilever Ventures, also participated in this round. As a result of this investment, Ed Lascelles, a general partner at AlbionVC, will be joining WeGift’s board of directors.

WeGift plans to utilize these funds to further develop its “real-time infrastructure” for digital rewards and incentives. This development will involve expanding its supply network through direct connections with brands, and enhancing its product offerings to better serve marketing departments aiming to attract, engage, and retain customers on a large scale.

Established in 2016 by Aron Alexander, WeGift aims to modernize the $700 billion rewards and incentives sector, which currently relies heavily on outdated systems designed for traditional physical gift cards.

“Traditional payment systems are primarily designed for businesses to receive funds from customers,” explained WeGift’s Alexander to TechCrunch in June. “They don’t readily facilitate businesses sending money to customers.”

“We have pioneered a new class of digital, non-cash rewards to drive customer acquisition, retention, and loyalty worldwide – essentially, a ‘Twilio for e-gift cards’”.

To achieve this, WeGift provides a “cloud-based, open API” platform that enables businesses to automate the distribution of digital incentives. This platform is also equipped with analytics tools, allowing for easier tracking of the return on investment for incentive marketing initiatives.

Since the last report on the company, WeGift has expanded its network to include over 700 brand partners (including companies like Nike and Uber) operating in 30 different markets and supporting 20 currencies. The company reports having “hundreds of clients,” such as Vodafone, Samsung, VoucherCodes, Perkbox, and Sodexo.

“We’ve become a preferred solution within the telecommunications and energy sectors, with companies like Vodafone, Utilita, LookAfterMyBills and E.ON utilizing our platform,” Alexander stated.

WeGift reports a 317% increase in annual revenue, although specific revenue figures have not been disclosed. The company has also recently established a new office in New York.