FreeMonee, a San Mateo, Calif.-based newly created national cash-gift network, has raised $11m in initial funding.
Investors include Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures, Pinnacle Ventures and Contrarian Group, the fund directed by Peter Ueberroth, who has joined the company”s Board of Directors with former Levi Strauss CEO Phil Marineau.
Led by CEO and President Gadi Maier, FreeMonee enables merchants to give “gifts” directly to individual credit and debit cardholders through participating financial institutions. The company already signed agreements with two top card issuers and is working with several others. The first program launch is expected in summer 2011.
FreeMonee Management Team also includes Andy Laursen, Vice President of Development, Mike Linton, Executive Vice President of Marketing, Joe Salesky, Chief Strategy Officer, Jim Taschetta, Chief Marketing Officer, Mark Uicker, Vice President of Business Development, Ayelet Zadok, Vice President of Network Services.