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Qualcomm, SEB Private equity back $15m Wrapp Series B round

13 Jun 2013

gift_present_170sqQualcomm Ventures and SEB Private Equity were among new investors in a $15m Series B round for Swedish social gifting company Wrapp.

Previous Series A backers Greylock Partners, Atomico and Creandum returned to commit to the latest round, which Wrapp said would be used to continue its expansion and hire more US staff for its San Francisco operation.

The company allows smartphone users to send free and paid digital gift cards to friends and family, including groups of people.

Greylock partner and Wrapp board member Reid Hoffman said, “Wrapp has demonstrated real success with big retailers and momentum with consumers in the past 12 months.

“Wrapp’s friend-to-friend marketing platform is unique, and seriously valuable to both merchants and consumers.

“Mobile will transform the shopping experience and will be key to customer engagement. Wrapp offers the best way to create branded word of mouth with a measureable increase on sales.”

Atomico founder Niklas Zennström, who also launched Skype, said, “Wrapp is targeting a huge market using social networks and smartphones — two massive shifts that are changing forever how we communicate, shop and celebrate the people we care about — and it’s getting bigger every day.

“I believe the next 12 months will be a break-out period for Wrapp and its friend-to-friend marketing platform.”

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