CashStar Secures $12 Million in Funding
Funding Led by FTV Capital Reflects Strong Company Growth, Increased Consumer Adoption of Digital Gifting and Expansion of Brand Network
Portland, Maine – October 26, 2011 – CashStar announced that it has secured $12 million in funding to support its growth in the digital gifting business, a rapidly growing segment of the $90 billion plus gift card market. The round was led by FTV Capital and included existing investors Steven Boal, president and CEO of Coupons.com, and Passport Capital. The funding will be used to help drive continued adoption of digital gifting and grow CashStar’s retail brand network. Mandarin Oriental Hotel Group is another brand that has just partnered with CashStar to offer consumers a more personalized way to gift and incent.
The brand joins Starbucks, Gap, Best Buy, Williams-Sonoma, The Home Depot, Staples and the more than 200 marquee names in the CashStar network. These brands leverage CashStar to easily and securely integrate digital gifting strategies into their B2B and B2C marketing and engagement offerings to increase sales and customer loyalty. CashStar offers consumers an unmatched personalized digital gifting experience via email, mobile and social channels.
“CashStar’s proven management team and proprietary technology platform have enabled CashStar to become the leader in this high growth market,” said Chris Winship, FTV Capital partner and new CashStar board member. “The company’s turnkey solution, including unique features and functionality, rigorous risk management, and a demonstrated commitment to outstanding customer service, ensures that retailers, employers and consumers have a convenient, reliable and safe experience.”
“We know from the recent RSR Research report and other data that consumers and businesses crave more personal and convenient ways to send digital gifts. CashStar’s digital platform makes this possible for the first time,” said David Stone, CEO of CashStar. “Our new products, such as mobile and social gifting and incentives, drive industry innovation while hundreds of brands already leverage CashStar to increase their revenue.”
About FTV Capital
FTV Capital is a multi-stage growth equity firm that invests in high-growth companies offering a range of innovative solutions in business services, financial services, payments and transaction processing, and technology. FTV Capital provides entrepreneurs with unique access to its Global Partner Network, a group of the world’s foremost financial institutions that have invested in FTV Capital and its portfolio companies for more than a decade. Founded in 1998, FTV Capital has more than $1 billion across three funds, and has offices in San Francisco and New York. For more information, please visit ftvcapital.com.
About CashStar, Inc.
CashStar is the preferred digital gifting and incentives partner for retailers nationwide. Its powerful platform delivers retailers high-margin sales, promotes online and in-store traffic and encourages customer loyalty by providing consumers with the most personal, compelling and convenient gifting experiences available. CashStar is the only company to successfully combine an on-demand digital gifting and incentives platform with innovative multichannel marketing strategies. More than 200 brands are successfully partnering with CashStar to drive incremental sales, increase retention and boost profitability including Gap, Best Buy, Chili’s Bar and Grill, Maggiano’s Little Italy, Hot Topic, The Container Store, CVS/ pharmacy, The Home Depot, Pottery Barn, Williams-Sonoma, Landry’s Restaurants, Pizza Hut, Regal Cinema, Staples and Travelocity. To learn more about how CashStar is constantly innovating the way businesses deliver personalized gifting experiences to consumers and partners in the digital world, please visit www.cashstar.com or e-mail firstname.lastname@example.org.
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