WeGift announced a £26 million Series B financing on November 15, 2022, led by Element Ventures. Clocktower Ventures and Volution joined the round, while CommerzVentures, AlbionVC and SAP increased their backing. Participating investor Volution also confirmed the £26 million round and the lead investor. [1] [3]

Capital for expansion, with funding and operating claims separated

The Series B was larger than the £4 million Series A announced on June 27, 2019. The chart compares those two sterling-denominated rounds without claiming to show the company’s complete financing history. Between them, CommerzVentures announced additional financing in a $12 million Series A+ round on March 2, 2021; that dollar-denominated round is not converted or added to the sterling amounts. [1] [2] [4]

The data behind the story

Two disclosed sterling funding rounds for WeGift

Selected completed equity rounds announced in pounds sterling. The intervening dollar-denominated Series A+ financing is discussed separately.

GBP million
Sources
WeGift via PR Newswire, June 27, 2019; WeGift, November 15, 2022; Volution, participating Series B investor

Selected rounds rather than total lifetime funding or a complete sequence. No currency conversion. Round size does not measure revenue, valuation, gift-card sales or funds already deployed into expansion. Investor confirmation is a participating-party account.

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Two disclosed sterling funding rounds for WeGift (GBP million)
CategoryAnnounced round size
Series A, June 27, 20194 GBP million
Series B, November 15, 202226 GBP million

The company said it would expand its digital-currency and stored-value network, add features, hire staff and enter more markets, with North America a focus. These were intended uses of the investment. The platform supported rewards, refunds, rebates and remittances, so the funding was for a broader payout business rather than a gift-card-only allocation. [1]

The issuer described more than 1,500 brands across more than 30 countries and 20 currencies. Volution’s account referred to 1,350-plus directly integrated brands. Without aligned observation dates and definitions, those figures cannot be reconciled as a precise growth comparison. The issuer separately said it had added more than 100 brands during 2022, naming Airbnb, Nike, Instacart, Dunkin’ and Aldi, and customers including Mint Mobile, WishList, ThanksBen and Xoxoday. [1] [3]

WeGift said revenue had doubled annually since its founding and expected that pattern to continue. It did not publish annual revenue amounts in the release; the continuation was a forecast at the time, not an observed result. The company also said its workforce passed 120 employees in October 2022. [1]

The financing announcement accompanied leadership additions: Robert Lang had become board chairman in August, Brendan Miller was joining as chief marketing officer after Rapyd, and Ashley Stepien had taken an advisory role. Together these details describe the organisation and expansion plan behind the raise, without establishing a measured return on the new capital or a change in recipient redemption outcomes. [1]