Virtual gift cards mean real cash for Portland’s Giftango, in the form of $5 million in funding

Portland Oregon based Giftango just secured more than $5 million in Series B funding

Even in this economy, gifts and rewards are big business. And few companies know that better than Portland’s Giftango, a company looking to simplify the distribution and management of “stored value” by helping that industry transition from physical gift cards to virtual ones.

And from the looks of things, other folks are liking what they’re doing. You see, Giftango just secured more than $5 million in Series B funding.

That’s a sizable chunk of cash for the young startup. And one that is sure to help them continue to woo name brand companies to their eGift card concept.

According to Mike Rogoway at The Oregonian:

The startup, located in the Portland State Business Accelerator downtown, will use the money to expand its business in the market for “eGift” cards. Chief marketing officer Mike Fletcher said Giftango will hire another seven Portland employees immediately.

“Giftango has an innovative team that is creating new products which are changing the landscape of the stored value market,” said Glen Taylor, CEO of Taylor Corporation, who led the round and will join the Giftango board. “We are excited to participate in the future of this change with an energetic and talented team.”

For more information, read the press release or see Mike’s post on Giftango’s funding.