Eric Schmidt-Backed Mobile Gifting Startup Giiv Raises $2.3 Million First Round
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Giiv, a mobile gifting startup that hasn’t yet officially launched, has raised $2.3 million worth of a $2.8 million first round of funding, per an SEC filing. The filing shows that Richard Yen, a director at L.A.-based Saban Ventures (a division of Saban Capital Group) is now listed as a board member, as well as Arman Pahlavan, partner at law firm Squire Sanders (which reps VCs like KPC&B and Tomorrow Ventures).
But Giiv’s most high-profile investor is Google CEO Eric Schmidt, who Fortune listed as an angel round backer—through Tomorrow Ventures—when it profiled Giiv this summer. The company did not immediately respond to a request for more info about the new money.
Formerly called MoboGift, Giiv will operate as a mobile and social micro-gifting platform. Users will be able to pay real money for merchandise from various retailers via SMS messages, and gift recipients will be able to redeem the Giiv currency for the items.
Posted In: E-Commerce, Payment Systems, Micropayments, Mobile, Money, M&A & Venture Capital, Venture Capital, Social Media, eric schmidt, saban capital group
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