GiftRocket launched as a Y Combinator spring graduate offering location-based "check in" gift cards but has shifted to a simplified system that lets users send digital gift cards via email or Facebook. Users can pay with PayPal, bank transfer, or check, and GiftRocket does not involve merchants directly; the virtual gift cards do not expire. The service functions as a peer-to-peer money-donation tool where senders can personalize messages and designate intended retailers, though redemption at the intended location is not enforced. The company charges $1 plus 5% of the gift amount and reports 70% month-over-month growth in customers and sales. GiftRocket has been bootstrapping in lean startup mode with a three-person team and has raised external angel funding to expand. It is launching a gift-card value calculator today and plans a VIP Concierge service to recommend gift ideas based on preferences and likely Facebook history.

Total raised

$1M

Funding rounds

1

Latest round

Equity

Latest activity

Dec 2011