October 29th, 2009
Twas the night before Venture Northwest: Giftango finds $1.4 million under the tree
Sometimes, you get to open gifts before the big day. Such is the case with Portland-based Giftango who—as they prepare to take the stage at Venture Northwest on Thursday—had Northwest Innovation and Paid Content unwrapping gifts a little early by reporting that the Giftango had secured $1.4 million of a potential $2.1 million first round.
That’s a respectable chunk of change for a Portland-area startup—especially one that might not be on our respective RADARs.
So what do they do?
You may have heard the terms instant gift cards, online gift cards, or instant gift certificates to describe what we call virtual cards. A virtual card is a card or certificate that is issued by a merchant (after an online sale or as part of a promotional campaign) and immediately delivered to the intended recipient via email or SMS text message. Giftango offers the most robust Virtual Card Management (VCM) platform available, allowing merchants to connect with their customers in ways never before possible.
The source of the funding was not disclosed. Although, the Portland Business Journal reported that Giftango will be taking a “$500,000 infusion from the Oregon Angel Fund” as part of the round.
(Hat tip Jeff Katz)