Bitmo, a US-based mobile gifting platform that enables purchase or exchange of digital gift cards for full value, has bagged over $3m seed round investment.
The fundraising involved the participation of new investors Everplus Capital, Longboard Capital Advisors, along with several family fund offices headquartered in Southern California.
Existing backers such as Bitmo board members and some angel investors also joined the round.
With the fresh infusion of funds, the company intends to speed up the growth of its consumer platform and expand its retailer-focused enterprise offerings.
It also intends to develop marketing, sales, product, finance and engineering departments and expand its Carlsbad office using the new capital.
Bitmo lead investor and board member Jeff Haux said: “Simply put, our decision to invest in Bitmo comes down to proven execution, large market opportunity, and solid leadership.
“Bitmo is a scalable platform that simplifies an existing consumer behaviour while showing measurable value to retailers.”
Established in 2017, more than 130 retailers currently support Bitmo. These include, Nike, Nordstrom, Regal Cinemas, Macy’s, and Yard House.
The company’ technology will connect the right customer to the right store.
The user base of Bitmo is expected to exceed one million before this year-end.
Bitmo CEO and founder Michael Smallwood said: “Research shows that consumers spend $160 billion on gift cards a year, yet one-third of those who receive gift cards don’t use them.
“Bitmo solves this problem by removing physical cards and using technology to directly connect consumers with the retail brands they love.”