Yiftee raises $2.1 million in funding

Posted Jan 28, 2014

Yiftee is a company that allows users to send local gift to friends. The company has raised $2.3 million in funding led by TransPacific Ventures, Scott Cook (Intuit co-founder), Burt Sugarman, Mary Hart, Asset Management Company, Broad Strategy Fund and Michael J. Levinthal. Yiftee previously raised $1 million in seed funding in 2012. Yiftee allows users to send gifts through their mobile app or Yiftee website.

When choosing a friend and their location on the app, Yiftee shows featured merchants in that area with their pictures, descriptions, and prices. After the buyer selects the gift, he or she can wrote a note, and then pay Yiftee. Yiftee sends a notification to the friend via Facebook, e-mail, or text message. The gift recipient can pay for the gift through a prepaid MasterCard credit card  that appears on their smartphone.

Yiftee was founded by Lori Laub and Donna Novitsky. Donna was the CEO of Big Tent, which was acquired by Federated Media in 2012. Donna has also been a partner at Mohr Davidow Ventures for 9 years.

[Source: TC]