The Irish ‘gifting platform’ startup &Open has closed a €24m series A funding round.
The company allows corporate customers buy gifts which can then be delivered to thousands of recipients.
Founded by designer Jonathan Legge, private equity specialist Mark Legge and fashion retailer Ciara Flood, &Open currently employs around 100 people.
The series A round was led by the US firm Molten Ventures. Irish VC firm Tribal also participated, along with other existing investors. Previous angel investors included Intercom co-founder Des Traynor, PCH founder Liam Casey, and Andrew Robb, former COO of FarFetch.
The startup previously raised €6m in a seed funding round in May 2021.
The company says that it intends to use the series A cash to hire more people and open a new office in the United States. It is also set to release new features this year.
“With this extra capital, we can build on-demand into a globally sought-after gifting platform for small, mid-size and global businesses,” said &Open’s chief executive Jonathan Legge. “And we can continue to refine our enterprise offering and expand our reach by opening an office in New York City.
"As markets become ever more crowded, as competition for consumer dollars intensifies, and as the cost of acquisition grows more expensive, the need to make real connections is more valuable than ever,” he said.
"Loyalty reigns supreme, as does advocacy – but these are not easily won in a hyper-digital age. It’s harder than ever before. &Open will make it easier to win loyalty, to make gifting and showing care and kindness everyday business practices.”
&Open lists companies such as Spotify, Peloton and Airbnb as corporate customers.
It recently disclosed that it sends 35,000 gifts weekly.
One of the company’s pitches is that gifts can be scheduled ahead of time to coincide with birthdays, anniversaries or other occasions. This, the firm says, “frees up your teams for real-time customer matters”.
Gift notifications are sent to recipients by email, who then have to give the company their address to receive it. Gifts can include cash, food, flowers, subscriptions, donations or physical items.
The company styles itself “the world’s first happiness platform”.