DIGITAL gift card marketplace Giftme has raised funds at a valuation of US$1.8 million to build out their suite of products to assist local SMEs with their customer engagement, acquisition and retention infrastructure.

The company said this feat was attained through deals struck with local investors who saw a tremendous upside in the start-up that has generated millions of dollars in gift card sales in just 5 months.

“Giftme has earmarked the funds to further develop its product which will offer new tools to SMEs that will completely digitise their customer inflows and outbound funnels,” said Rushio Billings, co-founder and CEO of Giftme.

“Start-ups bootstrapping with a huge agenda tend to not grow fast enough to meet the resources needed to build and release fast. Raising capital means that we will get to do all these things while increasing our sales force to ensure that we become profitable,” Billings continued.

The funds were acquired on the basis of not only Giftme's commitment to the growth of local businesses but also based on the desire to improve on and introduce new technological channels for the companies. “We hope to show the Jamaican community that software as a service can be deployed and become [a] sustainable business in Jamaica [and then to the rest of the world]. There are absolutely no limits,” Billings said.

Launched in June 2021, Giftme is a digital gift card marketplace founded locally with a mission to enable businesses of all sizes to increase sales, retain customers and gain new ones by unlocking new revenue channels through the use of e-gift cards.

The start-up company currently has over 85 businesses on its roster across various industries including food and beverage, entertainment, health and wellness and retail.

They also have a corporate arm which helps companies increase staff engagement and customer loyalty through the use of e-gift cards.