Crunchfund, a venture firm set up with the backing of technology company AOL, has helped on-line gift card business Openbucks raise $4.8m.
Crunchfund was joined in the series A by venture firms BV Capital, the former corporate venturing unit of media company Bertelsmann, Greycroft Partners, Clearstone Venture Partners, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, SV Angel, TiE Angels and angel Terry Semel.