Draper Goren Holm Buys More Giftz
Los Angeles-based Venture Studio Secures Follow-on Investment in Giftz & their COVID-19 Recovery Initiative Giveback Heroes
Los Angeles, CA — August 5, 2020 — Draper Goren Holm is pleased to announce that it recently completed a follow-on investment in existing portfolio company Rewards Media, Inc., (“Giftz” or “Company”) supporting the Company’s core business Giftz.com, and their complimentary COVID-19 Humanitarian & Economic Recovery initiative, GivebackHeroes.org.
While other Venture Programs have paused, Draper Goren Holm, a partnership between Tim Draper, Alon Goren, and Josef Holm, has doubled down on Giftz, a fintech startup that will provide true value to merchants and their customers post COVID-19.
Josef Holm, Founding Partner of Draper Goren Holm states, “While many startup models weren’t ready for a pandemic, Giftz’ mobile, contactless, pay-with-points solution is perfectly positioned for a post-coronavirus economy.”
The Draper Goren Holm investment comes at the heels of Giftz‘ new partnerships with Blackhawk Network (eGift cards), WorldPay (cc processing), Ipsidy (facial biometric KYC verification) and an investment from senior payments executive Phil Kumnick who designed the settlement and FX processing at MasterCard. Mr. Kumnick, a Giftz Advisor, also led the merchant acceptance initiatives for the launch of ApplePay as Senior Vice President Global Acquirer Processing at Visa.
About Giftz
Giftz, a SoCal based startup, provides a Starbucks-esque mobile wallet and marketplace for points, miles, and eGift cards with trading, gifting, and contactless payment functionality.
Points and miles are traditionally difficult to move outside of an issuer’s program, yet 94% of loyalty program users want to exchange them between programs (eMarketer). Giftz connects disparate loyalty and digital gift card systems (APIs) to create a network of exchangeable brand value.
Giftz App with Contactless eGift Payment Solutions
- Giftz offers the convenience of purchasing/sending/receiving and spending brand value from one app.
- Like cash, mobile eGifts are a secure payment method where user credentials are not shared at the point of purchase (contactless).
- Giftz keeps mobile brand value front and center for consumers at the point of purchase, instead of having to hunt for misplaced plastic gift cards.
Retailer (Merchant) Benefits
- Giftz allows users to redeem points/miles for an eGift card within the app, removing rewards liability for the merchant.
- Retailers save money not paying interchange fees when users pay with eGift cards.
- Giftz creates new ways for merchants to distribute digital stored value and incentives that increase customer engagement.
COVID-19 will affect retail for years to come. According to KPS, the trend is now toward selling via variable channels to a small number of customers who are willing to offer their loyalty. In the future, the value retailers generate for customers through digital services will effectively determine retailers’ success. Giftz, named one of the Most Fundable Companies® in the U.S., offers innovative, digital, customer-centric loyalty and stored value redemption solutions.
Giftz‘ flexible rewards redemption solutions combined with their Giveback Heroes initiative reinvents ways to rally COVID-wary customers back to brick & mortar retail stores, theaters & restaurants.
About Giveback Heroes
Giveback Heroes is a socioeconomic recovery initiative that provides gift code care packages to the heroes and victims of COVID-19 lockdowns and social unrest that closed hundreds of thousands of businesses and left millions of families without an income. Sending gift code care packages as part of a CSR program, stimulates merchant recovery, helps those in need and increases customer goodwill.
For more information on how your company can become a Giveback Hero; contact@giftz.com or visit www.givebackheroes.org. Want to send gift code relief directly to someone in need? Please visit www.giftcoderelief.com.
About Draper Goren Holm
Draper Goren Holm, a partnership between Tim Draper, Alon Goren, and Josef Holm, is a venture studio focused on accelerating and incubating early-stage blockchain and fintech startups, while simultaneously producing leading blockchain and cryptocurrency events, Security Token Summit and LA Blockchain Summit. Portfolio companies include Totle, Ownera, Innovesta, LunarCrush, Degens, Giftz, Vertalo, Coinsquad, CasperLabs, Element Zero and more.
More information can be found at https://drapergorenholm.com.