June 22, 2001, 12:00 AM

Giftcertificates.com gets funding following reorganization

Giftcertificates.com has secured $21.7 million in private financing, which the company plans to use to support general operating expenses.

Kurt Peters

Executive Editor

Giftcertificates.com has secured $21.7 million in private financing, which the company plans to use to support general operating expenses, including inventory financing, additional technology investments and marketing initiatives. CEO Michael Ahern tells Internet Retailer the company is aiming to be cash flow positive by the end of the year.

Giftcertificates.com has also spent the last six months reorganizing its business, including merging duplicate sales and marketing departments from three mergers last year, says Ahern. More than half the company’s business comes from corporate business and Ahern says Giftcertificates.com is becoming more focused on catering to that market than to consumers, whom the site was initially designed to attract. Giftcertificates.com offers more than 700 brands, including Neiman Marcus and Dean & DeLuca.

 

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