In a strategic move to enhance consumer engagement and capitalize on the burgeoning cash rewards market, Benjamin Capital Partners has acquired New Thing Co., an Austin-based augmented reality firm. This acquisition, framed as a talent acquisition rather than a traditional purchase, aims to integrate innovative AR technology into Benjamin’s existing app, which has already seen significant growth, amassing over a million monthly active users in a remarkably short time.
At its core, New Thing Co. specializes in creating immersive customer experiences through proprietary augmented reality rewards tools. Their technology, likened to a real-world version of Pokémon Go, allows users to engage with brands in a dynamic and rewarding manner. For instance, consumers can unlock rewards at specific locations, such as coffee shops, by simply using their smartphone cameras. This kind of user-centric engagement aligns perfectly with Benjamin’s vision to facilitate a comprehensive cash rewards lifestyle, wherein users can earn rewards across a variety of everyday activities—from shopping to dining out.
Erno Tauriainen, the Chief Product Officer at Benjamin, highlights the company’s goal of transforming how consumers interact with brands and merchants. By leveraging New Thing’s AR capabilities, Benjamin aims to notify users of offers in real-time, enhancing the shopping experience and driving customer loyalty. This strategy reflects a growing trend among companies to utilize location-based technology to personalize marketing efforts, thereby increasing consumer engagement and satisfaction.
The leadership of New Thing Co., including co-founders Aubrey Johnson and Jason Bender, is set to play crucial roles in this integration. Their past experience with Dosh, a prominent cash-back platform, brings a wealth of knowledge in user engagement and cash-back strategies. Johnson expressed enthusiasm about joining Benjamin’s mission, emphasizing a shared commitment to delivering a top-notch user experience supported by cutting-edge technology.
The timing of this acquisition aligns with Benjamin’s recent $13 million capital raise, which includes contributions from established investors. This financial backing not only supports the integration of New Thing’s technology but also positions Benjamin for expansion into new verticals such as commerce and advertising. According to Jordan Rohan, the company’s CFO, this infusion of capital is vital for scaling operations and enhancing the user experience, particularly as the app continues to attract more users.
Casual gaming is another significant focus for Benjamin. By partnering with third-party vendors and game studios, the company aims to create engaging experiences that reward players for their actions in games. This strategy is particularly relevant in an evolving marketing landscape where privacy concerns have led to the diminishing effectiveness of traditional advertising methods. Tauriainen notes that marketers are now seeking innovative ways to reach and engage consumers, making the gamified rewards structure of the Benjamin app particularly appealing.
For game developers, the opportunity to work with Benjamin offers a pathway to attract high-quality users who are likely to engage deeply with their games. By offering rewards for specific in-game actions—like downloading an app or progressing through levels—developers can incentivize player engagement while simultaneously benefiting from the insights and user experience expertise that Benjamin provides.
As the company continues to grow, Tauriainen envisions the Benjamin app evolving into a central platform for digital transactions, enabling users to not only earn rewards but also to utilize them seamlessly in their everyday spending. This vision positions Benjamin not just as a rewards app but as a comprehensive financial tool that meets the needs of modern consumers looking for value in their daily purchases.
In summary, the acquisition of New Thing Co. represents a pivotal step for Benjamin Capital Partners as it seeks to redefine consumer engagement within the cash rewards sector. By integrating augmented reality technology and focusing on user experience, Benjamin aims to create a platform that not only rewards users but also fosters deeper connections between consumers and brands. As the company continues to innovate and expand, it stands poised to become a leader in the cash rewards landscape, driven by a commitment to enhancing user engagement through technology.