The social network, with 60 million daily users, plans to begin selling sunglasses with a built-in camera for $129.99.
The investment will be used to enhance the company's marketing and outreach efforts to fuel growth, increase awareness and expand audience reach.
DALLAS, July 19, 2012 /PRNewswire/ -- GiftCardLab.com, provider of customizable plastic and e-gift cards for personal gift-giving and corporate incentives, today announced it has secured $3 million in royalty financing from Cypress Growth Capital. The investment will be used to enhance the company's marketing and outreach efforts to fuel growth, increase awareness and expand audience reach.
The financing, GiftCardLab.com's third round, is part of Cypress' royalty financing program that offers technology-enabled business services companies growth capital in exchange for a fixed percentage of the company's future revenue. The program allows GiftCardLab.com to retain full ownership of the company, while taking advantage of Cypress' expertise and leadership in developing and growing successful technology-based businesses. This is Cypress' sixth investment from its current fund, launched in early 2011.
"Cypress' innovative approach to capital financing fosters entrepreneurial success beyond traditional venture capital arrangements by providing both the flexibility and stability growth-stage companies like GiftCardLab require to move to the next level," said GiftCardLab.com CEO David S. Jones. "We are eager to work with the entire Cypress team and tap into their expertise as we ratchet up our growth strategy."
National Retail Federation statistics show that gift cards have remained one of the most-requested gift items, especially for the holiday season, for at least five consecutive years. And, recent analysis by TowerGroup predicted total gift card spending would top $100 billion for 2011, exceed $130 billion by 2014 and could top $200 billion by 2021, fueled by significant growth in e-gift card sales.
As a leading provider of pre-paid card programs, GiftCardLab.com operates the largest online gift card store offering both plastic and e-gift cards from hundreds of brands and featuring thousands of designs that can be customized to create a card that's as unique as the recipient. For corporate clients, its IncentiveCardLab.com site provides corporate gift cards for marketing promotions, employee rewards, sales incentives and customer loyalty programs. The company introduced the first customizable Visa Gift Card in 2007.
"GiftCardLab has long been a pioneer in the gift card industry, which has continued to grow steadily over the past several years, even as the economy has faltered," said Cypress Growth Capital's Ed Mello. "GiftCardLab's unique approach to gift card personalization, coupled with its strong partnership with Visa and industry-leading merchants, is a recipe for success that we are very pleased to be a part of."
For more information about GiftCardLab.com, or to create your own custom gift card now, visit GiftCardLab.com or IncentiveCardLab.com.
GiftCardLab.com is your one stop shop for everything gift card. Whether you're looking to personalize a Visa card with your own photo, or find gift cards to your favorite retailers and restaurants, GiftCardLab.com has the largest selection in the world. The Dallas based company was founded in 2004 and continues to wow customers with exceptional customer service. Learn more at GiftCardLab.com.