It was led by Charles E. Ryan, current Chairman of UFG Asset Management, and also included returning investors, including:
- Opus Capital Ventures
- Redpoint Ventures
- Sutter Hill Ventures
- Pinnacle Ventures
This round more than triples the $11 million Series A funding the company received back in 2010.
Gadi Maier, CEO, president and co-founder of FreeMonee states:
"The new funds will help us to expand FreeMonee to even more retailers and broaden programs with top U.S. banks and credit card issuers."
In the 9 months since its launch, the company has already seen impressive growth. Currently 4 of the top 8 banks have implemented the gift network, and the platform is in development with several others.
To learn more about FreeMonee, watch its FinovateSpring 2011 demo.