Around the Net
Social Gifter Wrapp Gets $5M, Hoffman On Board
- CNET, Wednesday, January 18, 2012 12:11 PM
Social gifting startup Wrapp just raised $5 million from Greylock Partners. In turn, and perhaps more significantly, Reid Hoffman -- a Greylock partner and co-founder of LinkedIn -- has joined Wrapp’s board of directors. Quite simply, the company lets users send gift cards to friends on Facebook.
“A merchant decides what type of gift card it wants to offer along with the demographics they want to target,” explains CNet. “Then, when a user wants to send a gift card, she opens the Wrapp app, chooses the Facebook friend she wants to send it to, and Wrapp offers up a selection of gift cards that should fit that person.”
The person who receives the gift needs only to open the App on her phone in order to redeem it. Wrapp then takes a cut out of the total redemption amount, but only after the card is used. Based in Stockholm, Wrapp is working with more than 25 top merchants in Sweden and is on track to launch in the U.S. and the U.K. this quarter, according to CNet. Wrapp was founded early last year by a team that includes the former CTO of Spotify and the founder of Rebtel, the world's largest independent VoIP company.
