Loyalty programme operator Initiatives & Developpements has raised €10 million on European small-cap market Alternext.

Loyalty programme operator Initiatives & Developpements has raised €10 million on European small-cap market Alternext.

The fundraising for the France-based company was managed by investment bank Bryan, Garnier & Co, and is the only fundraising achieved so far on Alternext during the second half of this year.

It comes in tandem with bank financing that enables senior managers of Initiatives & Developpements to participate in the equity fundraising, according to chairman and founder Christian Querou.

Founded in 2002, Initiatives & Developpements operates subscription-based online loyalty schemes, selling its clients’ products through “exclusive” websites it creates and manages on their behalf.