AI-powered service Giftpack raises funds to transform corporate and personal gifting

NEW YORK, March 22, 2022 /PRNewswire/ -- Giftpack, a pioneering AI-driven gifting service, has raised an additional round, bringing the company's total funding to $1 million since its launch in 2020. The New York-based startup with roots in Taiwan runs a global operation and is now helping more than a thousand corporations to reshape their gifting process around the world.

The company's investors include the AngelList syndicate Accelerating Asia;  global business hub Draper Startup House; Singapore's largest corporate gifting player, Axxel Marketing; Japan's first acceleration program, Open Network Lab, established in 2010 by Tokyo-based tech conglomerate Digital Garage; and a group of angels from the US and Asia.

The funds raised will be dedicated to AI accuracy improvement, as well as sales expansion. Giftpack currently serves 1,142 corporate accounts in addition to thousands of individual clients. The New York-headquartered company also has offices in Tokyo, Seoul, San Francisco, and Taipei.

The Giftpack AI solution sources gifts from a catalog of 3.2 million products available online worldwide. By analyzing the gift recipient's personal keywords, social media, and digital footprint, the service can get a sense of their tastes, interests, and preferences in order to suggest personalized options for each individual. The service also takes care of delivery logistics, so customers don't have to concern themselves with international shipping, packaging, and other operations.

"According to our data, we've helped our corporate clients save more than 50,000 hours — HRs, office managers, customer success managers, marketers, and sales professionals," said Archer Chiang, Giftpack founder and CEO. "We live in a fast-paced environment, and the pandemic years have only increased the workload. Using AI, we can reduce the stress of picking the perfect personalized gift. It's also about employee and client retention, as well as maintaining better relationships with people."

The company also accounts for cultural differences, down to details like packaging color: for example, red is lucky and festive in some cultures, but it might not "translate" that way in others. Giftpack achieved a 99.2% satisfaction rate by challenging the "one-size-fits-all" approach to corporate gifting. The company underwent exponential growth during the pandemic.

According to Coresight Research, the U.S. corporate gifting market is projected to grow to $306 billion by 2024, at a rate of over 8% per year.

SOURCE Giftpack