Published via L: 2013-12-10 17:52:26
Loop Commerce plans to change that by altering the entire checkout experience around gift-giving. It isn’t making it easier to buy presents for your Facebook friends or creating an entire marketplace through which you can buy carefully curated items for your family. It’s putting gifts at the forefront of the shopping experience and appealing to retailers by promising to reduce the amount of returns they receive, increase their potential customers, and provide all some data on the side.
The company is today announcing that PayPal has made a $4 million follow-on investment to the $7 million Series A funding round announced in November. (The company declined to offer the exact amount it raised in the round, but confirmed that it has now raised $12 million in total funding, including a $1 million seed round.) The funding will be used to develop the company’s service, which is currently in private beta.
My Two Cents
PayPal putting in another $4 mm into Loop Commerce after participating in the $7 mm round in November. Now that's an interesting way to jump start innovation! No wonder Elon Musk says PayPal hasn't changed in 10 years. Oh Ebay/PayPal can't you do better than this?
