FreeMonee Network, a San Mateo, CA-based provider of consumer gift incentives, has raised $34m in funding.
The round was led by Charles E. Ryan, current Chairman of UFG Asset Management, with participation from existing investors Opus Capital Ventures, Redpoint Ventures, Sutter Hill Ventures, and Pinnacle Ventures.
The company intends to use the funding to expand to more retailers and broaden programs with U.S. banks and credit card issuers.
Founded in 2009 by Gadi Maier, CEO, and president, FreeMonee enables stores and restaurants to attract customers on demand using FreeMonee Gifts. With its consumer incentive, FreeMonee delivers gifts of money directly to cardholders of financial institutions. Customized to match the interest of consumers, gifts allow them to purchase what they want at designated stores or restaurants. Launched in November 2011, the company currently delivers gifts through partnerships with four top banks and card issuers, and is in talks with several others.