From CNET: You probably haven't heard of Loop Commerce, but the startup already has the attention of many bigwigs in the online payments and retail world.
The online gift-giving company said Tuesday it's raised an extra $16 million from PayPal and executives from Amazon, Facebook and elsewhere to help it keep growing and hire more staff. With this latest funding round, Loop has now raised about $30 million since its late 2012 founding. The privately held Menlo Park, Calif., firm declined to provide a current valuation or financial results.
"We're already seeing phenomenal growth in usage and education," Loop CEO and co-founder Roy Erez said in an interview. "And when it comes to the holidays, we're seeing growth."
Loop offers a twist on the typical electronic gift card, allowing users to buy specific items -- such as shoes or pants -- but without having to choose a size or color or style, and without needing the recipient's mailing address. A voucher for the gift is emailed to the recipient, who can plug in those specifics to get the gift, or she can exchange the gift for something else on a retailer's site. (Returning the gift for cash depends on a specific retailer's return policy.)
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