Yesterday the digital gift card service, Wrapp, got another boost to their funding round and added anther big name to their board of directors. LinkedIn co-founder Reid Hoffman has joined the board as Greylock Partners added $5 million to the company’s Series A funding to co-lead the round with Atomico. Wrapp received $5.5 million in November from Atomico and Creandum.
The Series A funds will be used to launch Wrapp's service in the U.S. and UK, as well as throughout the rest of Europe later this year.
With the announcement Wrapp says it is currently growing more than 30 percent week-over-week and is now working with more than 25 top merchants in Sweden including the country’s largest sporting goods retailer Stadium, Dixons Retail’s consumer electronics chain Elgiganten, Amazon’s LOVEFiLM.com, designer underwear brand Björn Borg, street fashion brand WeSC, and home improvement chain Clas Ohlson.
“The value of Wrapp’s social gifting service is instantly obvious to merchants around the world, and in just a few short months the company has demonstrated its ability to quickly scale among consumers,” said Hoffman. “This is a viable, profitable business model from the get-go, with hooks into some of the top global and national merchants in the biggest markets worldwide.”
Wrapp's definitely going to be one startup to watch in 2012.