The corporate venturing unit of chipmaker Intel has helped e-gifting company CashStar raise $5m.
Intel Capital was joined in the round by venture firms Passport Ventures, FTV Capital and Steven Boal, co-founder of CashStar.
Dave Flanagan, Managing Director of Intel Capital, said: “Gifting in the digital world offers new opportunities for businesses to take advantage of social and mobile platforms to reach and engage with consumers. The momentum CashStar has achieved in the past year alone is indicative of the transformation in how both businesses and consumers are approaching the gifting experience. CashStar’s innovations have digitized the act of gifting online and now this trend is increasingly moving mobile, making it a more personal, engaging and rewarding experience.”
In February last year CashStar raised $5m for its series B round from venture capital firm Passport Capital and media-focused investment bank Allen.
CashStar launched with $4m in March 2009 after incubation by Coupons, a US-based provider of consumer-printed coupons.
More than 90 brands across several sectors, including Chili’s Bar and Grill, The Container Store, Gap, The Home Depot, Pizza Hut, Staples and Williams-Sonoma, use CashStar’s service.