PayPal invests in California gifting service Loop Commerce
After closing its Series A last month, gifting solution Loop Commerce has added a PayPal investment to the round. The company would not disclose the exact sum of the said investment, but the Series A total funding increased from USD7 million to USD12 million, according to TechCrunch.
Loop Commerce's investors now include Audible and Amazon's Don Katz, eBay CTO Mark Carges, Oren Zeev, Novel TMT, Chegg CTO Chuck Geiger, Magento CEO Roy Rubin, and former Toys 'R' Us SVP Michael Scharff, the report detailed.
As a Business to Business to Consumer (B2B2C) firm, Loop Commerce aims to find its spot in the vast ecommerce industry by partnering with sellers as an alternate checkout flow. When a buyer wants to send a gift to a friend, they undergo Loop's checkout process. In this process, the recipient gets a notification asking for color, sizing, and shipping preferences, the report explained.
Since its launching in November, Loop Commerce has remained in private beta. Chief Executive Officer Roy Erez said the firm has not yet set a date to open their service to retailers. However, Erez also said they have spent the last month addiing merchants to their test roster, TechCrunch reported.