Social gifting application developer Wrapp said that it has acquired $15 million in Series B investments, Thursday. The round saw Series A investors participate. Notable names include Greylock Partners, Atomico and Creandum.
Other investors present in the round are Qualcomm Ventures, American Express and SEB Private Equity. SEB is a Nordic financial services group.
Wrapp is based in Stockholm, Sweden and California. The app connects its users with related retailers and brands, offering both paid and free gift cards through mobile devices or via the Internet. The new app is an innovation on social media marketing.
"Wrapp has demonstrated real success with big retailers and momentum with consumers in the past 12 months," Reid Hoffman, general partner at Greylock said. The new member of the Board further stated that the company's "friend-to-friend marketing platform is unique, and seriously valuable to both merchants and consumers."
Atomico's general partner Niklas Zennstr öm added, "Wrapp is targeting a huge market using social networks and smartphones...and it's getting bigger every day."
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