U.S-based Punchbowl.com, an online party planning and digital greeting card service, has secured $1.5m in venture round funding from Silicon Valley Bank, the commercial banking division of Nasdaq-listed SVB Financial Group. This latest investment brings the total raised by the company to $5.5m since being founded in 2006. Previous backers in Punchbowl include early stage venture capital firm Contour Venture Partners and Intel Capital, the corporate venturing of the US-based semiconductor company.
Punchbowl raised $580k in September of last year from a list of undisclosed backers and $2.1m in a Series A round in 2008 led by Contour Venture Partners. in 2007 Punchbowl received $750k seed funding from Intel Capital.
Punchbowl.com has also appointed Joan Nevins, the former Chief financial officer of college savings company Upromise, to their board of directors.
Punchbowl will use the new funds for market expansion and the development of new eCommerce initiatives.