Yiftee lets consumers send gifts to friends via an iPhone app or website, with all gifts sourced from local merchants and presented with pictures, descriptions, and pricing. Recipients receive a gift notification via Facebook, email, or text and can redeem the gift using a prepaid MasterCard shown to the merchant on a smartphone. The company has developed YifteePro to simplify local gifting for professionals and businesses, allowing bulk uploads, default venue selection, personalization, and automated delivery. YifteePro gifts are redeemable at local merchants within 90 days, there is no extra cost to the business, and unredeemed value is returned to the giver. The startup was founded by Lori Laub and Donna Novitsky, and Novitsky previously served as CEO of Big Tent and was a partner at Mohr Davidow Ventures. Yiftee has raised a $2.1M Series A following a $1M seed in 2012 and plans to use the new funding to expand YifteePro and explore opportunities in Asia. Yiftee is a gifting service that connects consumers with gifts sold by local merchants via an iPhone app and website. Consumers select a friend and their location, view featured local merchants’ gifts with photos, descriptions, and pricing, pay Yiftee, and send the gift notification via Facebook, email, or text. Recipients redeem gifts by using a prepaid MasterCard credit card presented to the merchant on a smartphone. Yiftee’s revenue model is a convenience fee charged to the gift giver. The startup reports having 2 million local restaurants and shops listed on the platform. Founders are Lori Laub and Donna Novitsky; Novitsky previously served as CEO of Big Tent and was a partner at Mohr Davidow Ventures. The company will need to convert gift transactions into repeat in-store customers to sustain local-merchant traffic.

Total raised

$3M

Funding rounds

2

Latest round

Series A

Latest activity

Jan 2014