GSD Venture Studios is thrilled to announce a recent 30 million dollar investment in Xoxoday, a GSD Labs portfolio company in the fintech space.
This institutional first round of funding comes from Giift, the leading provider of loyalty management solutions. Backed by Apis Growth Fund II, they support growth-stage financial services and financial infrastructure businesses by providing them with catalytic growth equity capital.
Expressing his heartfelt gratitude for being a part of the GSD Labs accelerator, co-founder of Xoxoday, Manoj Agarwal, states:
“GSD Labs has played an important role in the growth of Xoxoday. We made great connections and built relationships with like-minded founders, advisors, and investors through the accelerator. GSD Labs also taught us that Silicon Valley is not just a geographical location but a mindset. We are thrilled for the opportunity of working with them to learn how to #GoGlobal.” - Manoj Agarwal, Cofounder of Xoxoday.
Xoxoday is a full-stack embedded solution providing technology infrastructure to enable businesses to automate rewards, incentives, and payouts across the value chain. The founders of Xoxoday are pioneers in the rewards, incentives, and payouts space. They began their entrepreneurial journey to solve the problem of human motivation with technology. With three tailored SaaS offerings (Plum, Empuls, and Compass), Xoxoday’s offerings are designed to automate incentives, align teams and build an engaged workplace. Xoxoday intends to use the 30 million in funding to expand further into international markets and upgrade the technology infrastructure they need to serve their next set of billion users.
Gary Fowler, CEO, GSD Venture Studios says, “A huge congratulations to Manoj Agarwal, Sumit Khandelwal, and the rest of the team. This is a monumental milestone for Xoxoday, and we know this investment will only accelerate the great things they’ve already achieved.”
The US rewards, incentives, and payouts industry is still primarily powered by manual and legacy systems with a fragmented approach, and it is expected to grow to 1.9 trillion by 2027. With their recent investment, Xoxoday will capitalize on this growth with their digital, tailored solutions and be a leader in this space.
Derek Distenfield, COO, GSD Venture Studios added, “We couldn’t be more proud to see the hard work Xoxoday put in throughout the accelerator to the present day. They’ve disrupted the market and are ready to #GoGlobal.”