Jifiti raises US$2.5 million from institutional investors
Jifiti, a TechColumbus incubator company, announced that it had raised US$2.5 million from institutional investors. These investors include Columbus-based Schottenstein Stores Corp. The capital, Jifiti said, would be use for the development and marketing enhancement of its application that customizes gift cards.
Venture capital firm Jesselson Capital Corp. and Simon Property Group Inc. were part of the investment round. The announcement of the investment round follows a dry-run of the Jifiti application at Simon-owned shopping centers in the Boston area.
Jifiti enables users to scan a merchandise in a retail outlet, turning it into a gift card indicating that item. The receiver of the virtual gift card can then redeem the product at another branch of the same store for the same item. The innovation basically eliminates bad guesses for color or sizes while still making the gift personal.
Retailers using the Jifiti platform include Nike, Gamestop, Gap Inc. and its related establishments Banana Republic and Old Navy.