Wrapp secures $15M in Series B round

Stockholm-based social gifting app Wrapp has announced Thursday that it has raised $15 million in series B funding. The company will receive continued support from Series A investors Greylock Partners, Atomico and Creandum. It has also added new investors: American Express, Qualcomm Ventures, and SEB Private Equity.

Wrapp plans to use the new funding to continue expanding by hiring staff in San Francisco. According to its press release, Wrapp currently has 200 national and multinational retailers using its platform in eight different countries.

Since the company first expanded to the U.S. in May 2012, it has said that users have distributed nearly 15 million digital gift cards through its iOS and Android applications. According to AppData, the application currently estimated to have over 821,900 monthly active users and is currently ranked 74 among the lifestyle applications leaderboard on Android.

Wrapp Co-Founder and CEO Hjalmar Winbladh said in the press release, “Over the coming year we’re confident social shopping will become a highly targeted and personal media channel connecting consumers with brands they love, and we want to become the default destination for that.”

Publish date: June 13, 2013 https://dev.adweek.com/digital/wrapp-secures-15m-in-series-b-round/ © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT