Key Takeaways
- • hello again, an Upper Austrian SaaS loyalty platform founded in 2017, has secured a growth financing round in the mid-double-digit millions of euros from Munich-based private equity firm EMERAM, with EMERAM acquiring a significant minority stake exceeding 25 percent.
- • The capital infusion will fund expansion across the DACH region, entry into additional European markets, and development of new artificial intelligence features, positioning the company for accelerated growth beyond its current 1,000 customer base and 18 million app users.
- • Unusually for a traditional private equity investor, EMERAM is taking a minority rather than majority stake, reflecting the growth-stage nature of the investment and alignment with founder and CEO Franz Tretter's vision to expand European operations while maintaining founder control and operational continuity.
- • hello again operates a white-label SaaS platform serving retail, hospitality, bakeries, pharmacies, and leisure businesses with a recurring revenue model where customers pay monthly fees per app user, directly tying EMERAM's returns to the company's user growth trajectory.
Summary
hello again, a digital customer loyalty platform headquartered in Leonding near Linz, Austria, has completed a growth financing round backed by EMERAM, an independent Munich-based private equity firm. The investment amount falls in the mid-double-digit millions of euros, with EMERAM acquiring a stake exceeding 25 percent of the company. The transaction marks EMERAM's deployment of capital from its Private Equity Fund I, which is currently in market targeting €350 million.
The funding structure reflects an atypical private equity investment profile. Rather than pursuing the majority stakes typical of traditional PE acquisitions, EMERAM has structured this as minority growth capital, allowing founder and CEO Franz Tretter and other early investors to retain majority ownership and operational control. This approach underscores the growth-stage positioning of the deal rather than a control transaction. Tretter stated to Trending Topics that the timing aligns strategically with hello again's next European expansion phase, emphasizing the company's readiness to scale beyond its current footprint.
Founded in 2017, hello again operates a white-label SaaS platform enabling businesses across retail, hospitality, food service, pharmacy, and leisure sectors to launch proprietary loyalty applications. The platform handles points systems, voucher distribution, and personalized customer messaging. The company currently serves approximately 1,000 customers and has achieved an installed base of 18 million app users. Its revenue model is usage-based: customers pay monthly subscription fees calculated per active app user, creating strong alignment between hello again's financial performance and customer engagement growth.
The invested capital will support three strategic initiatives: geographic expansion within the DACH region (Germany, Austria, Switzerland), market entry into additional European territories, and development of artificial intelligence-powered features to enhance platform functionality. This capital deployment trajectory positions hello again to capitalize on growing digital transformation demand within the European SME and mid-market segments where EMERAM has established operational expertise.
The funding structure reflects an atypical private equity investment profile. Rather than pursuing the majority stakes typical of traditional PE acquisitions, EMERAM has structured this as minority growth capital, allowing founder and CEO Franz Tretter and other early investors to retain majority ownership and operational control. This approach underscores the growth-stage positioning of the deal rather than a control transaction. Tretter stated to Trending Topics that the timing aligns strategically with hello again's next European expansion phase, emphasizing the company's readiness to scale beyond its current footprint.
Founded in 2017, hello again operates a white-label SaaS platform enabling businesses across retail, hospitality, food service, pharmacy, and leisure sectors to launch proprietary loyalty applications. The platform handles points systems, voucher distribution, and personalized customer messaging. The company currently serves approximately 1,000 customers and has achieved an installed base of 18 million app users. Its revenue model is usage-based: customers pay monthly subscription fees calculated per active app user, creating strong alignment between hello again's financial performance and customer engagement growth.
The invested capital will support three strategic initiatives: geographic expansion within the DACH region (Germany, Austria, Switzerland), market entry into additional European territories, and development of artificial intelligence-powered features to enhance platform functionality. This capital deployment trajectory positions hello again to capitalize on growing digital transformation demand within the European SME and mid-market segments where EMERAM has established operational expertise.
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