Welcome, thanks and thanks
A very exciting day for our young company. We closed our second round of financing, raising $7.4 million in a B round. The whole “A round, B round” lingo is more of a start-up way of saying that you are graduating through grade school on your way to higher education.
In that vein, we’ve learned a lot about how to grow our marketplace over the past year. Even more, we have started to work on our next series of products that we think will excite retailers and consumers alike as we tap into the estimated $30 Billion in unspent gift cards. We think we can make this market much more efficient by getting this trapped money on a mag stripe moving back into the economy.
So, first, a welcome aboard to Redpoint Ventures, who led this round of investment. And a thanks to Shasta Ventures, First Round Ventures, Bay Partners, Harrison Metal and a set of angel investors who got us to this point. Even more, thanks to our consumers and to the retailers who have been encouraging, guiding and supporting us. We’re excited for what’s next.
