Embargo, based in Poland and the UK, has secured $850,000, as informed by the startup to Vestbee. The funding came from Opoka TFIR and business angels, including Pierre Decote, Group Chief Risk & Compliance Officer and Partner at Revolut, and Paweł Fornalski, founder of IAI Group.
- Founded in 2017 by Fryderyk Szydlowski and Tsewang Wangkang, Embargo provides a CRM platform and loyalty app for the hospitality industry. This allows restaurants, bars, and coffee shops to recognize, reward, and communicate with their customers. From the user’s standpoint, there is the Embargo App, serving as a convenient digital wallet for paperless loyalty cards offered by renowned hospitality brands.
- In 2022, the startup entered the Polish market and currently has over 1,500 venues on Embargo using its CRM.
The key for us is to continue our multi-product strategy, similar to what Revolut, for example, is doing. This involves adding more features based on meticulous market analysis and close cooperation with our customers, and then offering these features to both existing Embargo locations and new ones. This strategy allows us to increase revenue not only by adding new customers to the platform but, more importantly, by increasing earnings per customer. This, in turn, provides more and more value to businesses on Embargo and their guests. -Fryderyk Szydlowski comments on the deal.
- Embargo will use the proceeds to further develop the product and expand the sales team in both the UK and Poland. Additionally, there are plans for expansion into more countries.
