Nift, a Brookline, Massachusetts-based invitation-only network for neighborhood businesses to give best customers a gift to another local business, raised $3m in venture capital funding.
The round was led by Spark Capital and Accomplice.
The company intends to use the funds to expand its network of local businesses and continue enhancing the technology.
Led by Elery Pfeffer, CEO and founder, Nift operates a network that allows restaurants, boutiques, hair salons, spas, gyms and locally-owned stores to thank their best customers with a complimentary gift to another local business.
The proprietary technology matches the best customers with gifts from non-competitive businesses and ensures fairness, so the value of Nifts that one business gives is equal to the value of Nifts their customers receive in return.