Gyft, a US-based digital gift card platform which enables customers to handle gift cards via mobile devices, has raised $5m series A funding from new investors, venture capital funds A-Grade Investments, Social+Capital Partnership and Karlin Ventures, and angel investors Haas Portman and David O. Sacks.
Previously, in 2012, the company raised a $1.25m seed round from Google Ventures, the venture capital arm of search engine company Google, and seed stage investors Founder Collective and 500 Startups.
With the funding, Gyft plans to continue development and scale the business.
Ashton Kutcher, co-founder of A-Grade Investments, said: “We invest in technology start-ups, like Gyft that show innovation and promise. There is a mobile shift and Gyft is on a mission to digitize the $100B gift card market.”
CJ MacDonald, Gyft co-founder, said: “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. The gift card market continues to grow and Gyft helps drive customer acquisition and redemption for retailers.”