Heymax.ai, a Singapore-founded loyalty platform, announced it has closed a US$2.6 million (S$3.5 million) seed round of funding led by January Capital.
Other participants in this round are: TenityAscend Angels, XA Network, and several strategic investors including Projjal Ghatak (Founder of OnLoop), JJ Chai (Ex-Airbnb SEA MD), Jake Tan Jun Kiat (Founder of Ergotune) and Evan Heng Shu En (Founder of Zenith).
January Capital’s e-commerce and rewards expertise has played a pivotal role in supporting Heymax.ai’s growth.
Meanwhile, Tenity, who has been involved with Heymax.ai since its inception through its accelerator program, also pledged to continue their partnership and commitment to the startup’s goals.
Launched in 2023 by four ex-Meta engineers, Heymax.ai enables consumers to earn and redeem Max Miles from over 500 businesses.
These rewards can be used for flights or transferred to points with 25 airline and hotel partners.
The platform links users’ credit cards and provides instant recommendations to maximize rewards on purchases.
Heymax.ai partners with leading retailers such as Amazon.sg, Apple, Grab, NTUC Fairprice and Shopee.
Users earn Max Miles, which can be redeemed for flights or transferred to partner rewards programs with no fees or expiration dates.
Since launch, over 50,000 users have earned more than 50 million Max Miles and taken more than 10,000 flights.
A recent collaboration with Visa introduced Card Maximiser, allowing consumers to track spending across all Visa-branded cards and get real-time insights into transactions and rewards.
Companies such as SingSaver and Airwallex have adopted Heymax.ai’s rewards system to boost customer loyalty.
To drive further growth, Heymax.ai Eike von Ngappointing former Shopback and Fave managing director as chief commercial officer.
The company plans to expand into Australia in November 2023 and further grow in the region.
Heymax.ai said in a statement that it aims to help consumers optimize their rewards programs and get more value out of their everyday purchases, with the goal of offering users one free vacation day per year.
Joe Lu
“Consumers looking to get the most out of their rewards struggle to find the right platform, missing out on valuable rewards or wasting their effort on frustrating programs that don’t align with their spending habits.
Heymax.ai’s rewards ecosystem helps solve these challenges, empowering consumers to earn more loyalty rewards by earning Max Miles on everyday purchases.”
Joe Lu, CEO and co-founder, said: Hey Max.
Junho
“As a Heymax.ai user myself, I can attest that Heymax.ai is enabling millions of consumers to maximize the rewards they get from their spending, easily and with complete transparency.
I am incredibly grateful to have been with Heymax.ai since its inception and am excited to be a part of its evolution.”
Jun Ho, investment director at Tenity, said:
