American startup Loop Commerce which solely aims to improve the gift-buying experience online, has raised $16 million in a round of funding. The funding was led by Oren Zeev along with participation from Dan Tierney and Stephen Schuler, co-founders of GETCO.
Loop Commerce provides a platform for eCommerce sites to let people buy personalized gifts without the potential pitfalls. For example, you can buy clothes online for your friends, they will get a notification that they have received a gift from you, but they can then fill in their own size and preferred color and enter their mailing address. They won’t know how much the item cost and would be able to exchange it if they wish to.
The company will use the funding to accelerate its growth, including hiring of new employees in engineering, data, sales and marketing, product and design, according to Geektime.
Loop’s services were launched in 2015 and already includes brands like Macy’s, Lancôme, Urban Decay, Diane von Furstenberg, Johnny Was, Relax the Back and Thomas Dean in its clients list.