SK Telecom Ventures, the US-based corporate venturing division of South Korea’s largest phone operator, has joined a consortium investing $3.35m in the series A round of Giiv.com, a mobile gift donation network.
Other investors include Google executive chairman Eric Schmidt’s seed and early-stage venture capital firm, TomorrowVentures; television producer Haim Saban’s angel group Saban Ventures; and New York-based angel investment group Founder Collective.
SK Telecom developed the mobile gifting service Gifticon in South Korea, which allows people to wirelessly send gift vouchers for items from leading retailers, including Starbucks, Burger King, Dunkin’ Donuts, 7-Eleven, Baskin-Robbins and Krispy Kreme Doughnuts.
Patrick Chung, managing director of SK Telecom Ventures, said: "As we have already seen in Korea with Gifticon, consumers want to send quality gifts to friends and family any time they choose, unencumbered by the constraints of traditional gifting."
Giiv.com’s texting with benefits service features gift options from retailers including Amazon.com, TOMS Shoes, GlobalGiving, Teleflora, Fandango, Barnes&Noble.com and Wine.com.
Giiv.com was founded last year by Michelle Crames, who has experience in production, strategy, family entertainment, and education companies.