A series-B funding round totaling $15 million? That’s a Wrapp for the social gift card provider, which announced the closing of the funding round Thursday.
Wrapp, which allows Facebook users to send free and paid electronic gift cards to their friends, has said that three new retailers have joined the fold: Victoria’s Secret, American Apparel, and Little Black Bag. Using Facebook as a platform, Wrapp noted that 1.25 million users of its iOS and Android applications have given 11.5 million digital gift cards — seen by 122 million Facebook users.
Wrapp, a mobile social gifting application, connects Facebook users through gift cards. If a user wants to celebrate a Facebook friend’s new job, or thinks they could use something from a store, he or she can send a gift card through Wrapp. So far, it has become quite popular. Wrapp announced that since its launch a little over a year ago, users have redeemed more than 1 million gift cards.
It has been proven that a marketing message holds so much more weight when it comes from a friend rather than a brand. So how can brands get in on the friend-to-friend connection? Social gifting application Wrapp seems to have this solved. By utilizing sponsored (free) and paid gift cards, Wrapp has excelled at getting brands involved in conversations with friends. Wrapp CEO Hjalmar Winbladh, as well as Gap Sr. Director of Business Strategy Soundar Koneti, spoke at the AllFacebook Marketing Conference in New York about how the company has succeeded with friend-to-friend marketing.
Tis the season for giving, and Facebook is on board, announcing at its rescheduled event at iconic toy store FAO Schwarz in New York Thursday night that its Gifts feature is being rolled out to more users, and introducing several new retail partners.
Social gifting application Wrapp reached a multiyear agreement with prepaid and financial payment provider Blackhawk Network’s Blackhawk Digital platform, under which national and local retailers that offer electronic gift cards via Blackhawk will have access to Wrapp’s marketing platform, enabling Wrapp to add those retailers to its stable.
Which three words are music to the ears of retailers and poison to the ears of kids? Back to school. Those words are also music to the ears of social gifting application Wrapp, which added a host of brands featuring related products.