Seattle-based online gift certificate provider GiftCertificates.com has secured an additional $4.4 million in financing from OneBeacon Insurance Group and existing investors. The $4.4 million closes the company’s Series A1 financing round with a total of $18.6 million. Other investors include CIP Capital L.P., Gotham Partners L.P., Mellon Ventures LL, L.P., SCP Private Equity Partners L.P., and W.R. Berkley Corp.
GiftCertificates.com has been successful in securing new financing even in a tough economy. In June, the company received $14.2 million in new equity financing and a $7.5 million line of credit. The company says it will use the new $4.4 million in funding with the initial financing to support the company’s growth initiatives, technology investments and general corporate purposes.
“GiftCertificates.com has survived and prospered in an extremely difficult capital markets environment because of strong demand for its attractive products, its compelling financial characteristics, and its competitive dominance of the gift certificate incentive marketplace,” William Ackman, a partner at Gotham Partners, said in a statement.
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