Tuesday, July 17, 2012

Openbucks Rings Up $4.8M For Gift Card Network

Mountain View-based Openbucks, which operates an online service providing a way to convert regular gift cards to currency usable across multiple online retailers, has raised $4.8M in a Series A funding, the firm said today. The round was led by Yahoo co-founder Jerry Yang, and also included Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels. OPenbucks said it is developing an open "gift card payment network" which allows users to use in a wide range of gift cards to pay for payment at other, online e-commerce sites. The firm said it is targeting unbanked and underbanked consumer with the service, accepting gifts cards from Subway, CVS Pharmacy, Burger King, Shell, Circle-K and CITGO. More information »