Gyft Announces $5 Million Series A
Investors include A-Grade Investments, Chamath Palihapitiya and David O. Sacks
SAN FRANCISCO, Sept. 25, 2013 /PRNewswire/ -- Gyft, Inc., the digital platform that enables customers to buy, send, manage and redeem gift cards via mobile devices, announced it has raised additional capital from new investors A-Grade Investments, Social+Capital Partnership, Karlin Ventures, Haas Portman and entrepreneur David O. Sacks. Last year the company announced an initial seed round from Google Ventures, Founder Collective and 500 Startups at TechCrunch Disrupt 2012.
"We invest in technology start-ups, like Gyft that show innovation and promise," said Ashton Kutcher, co-founder of A-Grade Investments. "There is a mobile shift and Gyft is on a mission to digitize the $100B gift card market."
With the funding, Gyft plans to continue development and scale the business to meet future demand for growth. Gyft currently works with more than 300 retailers and will keep adding merchants and partners, even expanding to markets outside the United States next year.
"We are constantly looking for ways to add value for both merchants and consumers. By having the gift card handy, customers are more likely to use that gift card and even spend two to three times the value of the card," said Gyft COO and Co-founder, CJ MacDonald. "The gift card market continues to grow and Gyft helps drive customer acquisition and redemption for retailers."
In the past year, more than $10 million and 200,000 plastic gift cards have been uploaded to Gyft. In addition, the company is now seeing a new gift card added every two minutes to the platform.
"Over the past year, we've seen continued growth and are on track to hit $5 million in digital gift card sales this year," says Gyft CEO and Co-founder Vinny Lingham. "Traditionally more than 50% of annual gift card sales occurs in the fourth quarter so we are excited about the future."
With the recently updated web site, purchases can now be made online at http://www.gyft.com or right from the app. In addition, Gyft announced a Gift Card Registry last week that allows consumers to personalize a registry for weddings, birthdays, baby showers, holidays and other special events.
To experience Gyft, please visit www.gyft.com or download the app from Google Play or the App Store.
Gyft, Inc. provides a digital gift card platform for consumers and retailers and enables customers to upload, buy, send, and redeem gift cards conveniently from their mobile device. Gyft is a private company funded by leading investors, with offices in San Francisco, CA. For more information, visit www.gyft.com or contact firstname.lastname@example.org.
SOURCE Gyft, Inc.
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