Confirmed: Swedish social gifting service Wrapp secures $15m Series B2013-06-13 1
Swedish social gifting service Wrapp has lined up a $15m Series B funding round from Qualcomm Ventures, American Express and SEB, according to multiple tweets from a Stockholm tech event. Existing investors Greylock Partners, Atomico and Creandum also contributed to the round.
The announcement was made at yesterday’s Stockholm Tech Meet – backed up by multiple tweets sent at the time. The company today confirmed the news in a press release.
Founded at the beginning of 2011, Wrapp is one of the first online gifting companies and lets users send digital gift cards to Facebook friends. Users can pick from an assortment of retailers including Starbucks, Fab and H&M, and send their friends paid or free gift cards.
The company has a base in Stockholm and Silicon Valley and last year announced it would be focusing on its US expansion. It’s already been cloned by Berlin-based company builder Rocket Internet, which launched DropGifts in 2012 – though that service is now focusing more on the B2B market amidst rumours that its B2C offering was not doing as well as hoped.
Last year January Wrapp received $10.5m in a Series A funding round from Creandum, Greylock Partners and Atomico – bringing LinkedIn founder Reid Hoffman and Skype founder Niklas Zennström on the company’s board of directors.
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