US-based e-gifting technology developer Loop Commerce raised $16m in series B funding yesterday from investors including payment services provider PayPal.
The round, which was co-led by family office Wicklow Capital and angel investor Oren Zeev, also featured a host of additional individual investors.
Founded in 2012, Loop has created an e-gifting platform that connects with retailers’ existing online stores. The company will use the cash to increase its engineering, data, sales and marketing, product and design teams as it looks to expand.
Hill Ferguson, PayPal’s global head of consumer business, said: “Loop Commerce provides retailers and consumers with a solution for e-gifting that gives merchants a compelling way to help people buy the perfect gift on their sites.
“We are excited to support Loop as it delivers shopping experiences that engage and delight consumers.”
The capital took Loop’s overall funding to approximately $30m. It secured $12m from a PayPal-backed series A round in 2013, which also included several angel investors and followed a $1m seed round in 2012.