GIFTD funding news – Berlin-based GIFTD Secures €535k in Angel Funding
Oct 30, 2024 | By Kailee Rainse
The new clothing gifting app GIFTD has raised €535,000 in angel funding. GIFTD takes unsold brand stock and turns it into exclusive giveaways for brands and retailers, while also allowing users to give away secondhand items within the app’s community.
SUMMARY
- The new clothing gifting app GIFTD has raised €535,000 in angel funding.
- Through the GIFTD app, brands can create marketing campaigns using their unsold inventory, sharing invite codes directly or through social media and influencers, while also using in-app data to find new customers.
To start a campaign brands upload their unsold inventory to GIFTD and share it with specific audiences through channels like Instagram influencers or newsletters. This helps generate new interest and rewards existing customers. They also use their growing community on GIFTD to attract more users.
Hannah Kromminga, the founder of GIFTD, said, “We care about gifting and sustainability, and our product aims to help with the global resource crisis. By changing our perspective, we see that much of what we need is already made.”
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Some of the angel investors include German family offices like Thies Network and quantumReality, as well as the impact-focused investor ULTRA. Maciej Gałkiewicz, CEO of Ragnarson, also supports GIFTD.
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With new EU laws banning the destruction of unsold goods, brands and retailers are seeking new ways to distribute leftover stock and build customer relationships. It turns this challenge into an affordable way to keep loyal customers engaged, with costs up to 10 times lower than similar campaigns.
About GIFTD
Through the GIFTD app, brands can create marketing campaigns using their unsold inventory, sharing invite codes directly or through social media and influencers, while also using in-app data to find new customers.