July 16, 2012
Gift Card Payment Network Openbucks Raises $4.8 Million Series A, Led By Yahoo Co-Founder Jerry Yang
Also participating were Terry Semel, Greycroft Partners, BV Capital, Clearstone Ventures, Morado Ventures, Novel TMT Ventures, Inspiration Ventures, CrunchFund, SV Angel and TiE Angels.
Openbucks, a startup creating a gift card-based payment network (and a former TechCrunch Disrupt finalist), is announcing today it has closed $4.8 million in Series A funding, in a round led by Yahoo co-founder Jerry Yang.
Currently, Openbucks supports gift cards from Subway, CVS Pharmacy, Burger King, Shell (next week), Circle-K and CITGO, which can be used to pay for purchases online.
Since its initial debut, founder and CEO Marc Rochman says Openbucks has grown to “tens of thousands of users” and has seen “hundreds of thousands” of transactions on its network.
The other main use for the new funding will be bringing more merchants online with the system.