Gyft, Inc., a San Francisco, CA-based digital platform that enables customers to buy, send, manage and redeem gift cards via mobile devices, raised $5m in Series A funding.
Backers included new investors A-Grade Investments, Social+Capital Partnership, Karlin Ventures, Haas Portman and entrepreneur David O. Sacks.
The company intends to use the funds to continue development and scale the business.
Led by CEO Vinny Lingham and COO CJ MacDonald, Gyft provides a platform that lets users store, send, and redeem gift cards via mobile phones and merchants drive customer acquisition, increase shopper interaction and social engagement.
Last week, the company, which currently works with more than 300 retailers, announced a Gift Card Registry that allows consumers to personalize a registry for weddings, birthdays, baby showers, holidays and other special events.
It had raised a seed funding from Google Ventures, Founder Collective and 500 Startups in 2012.
The Gyft app is currently available for iPhone and Android.