Boston based digital gift card startup Nift has raised a $16.5m Series A from Spark Capital, Foundry Group and Accomplice VC.
“They’re getting a gift they weren’t expecting,” he said. “We make the selection for them, so there’s no self-selecting bargain hunting going on. That’s what makes the whole thing work.” The idea is that businesses get new customers in exchange for promoting other merchants. It’s up to each merchant to determine what makes someone their best customer and how many Nift cards they want to give out, but Pfeffer (a data scientist who previously founded influencer marketing company Pursway) said his team has built sophisticated tools to find “the perfect match” between customers and gifts.