New Enterprise Associates has led a $56 million Series B funding round in Raise, an online marketplace for gift cards. Other participants in the funding round include Bessemer Venture Partners, the Pritzker Organization, Listen Ventures and existing angel investors. The funding brings Raise’s total capital raised to $81 million. Tony Florence, general partner at NEA, will join Raise’s board of directors.
Raise, the largest online marketplace for gift cards, today announced that it has raised $56 million in a Series B funding round led by New Enterprise Associates (NEA), with additional funds supplied by Bessemer Venture Partners (BVP), the Pritzker Organization, Listen Ventures and several notable angels who previously participated. This round brings total funds raised by the company to $81 million.
2014 was a banner year for Raise, as the company expanded its platform to accommodate more active buyers and sellers across all 50 states, released a successful iOS app, sold more than one million gift cards, grew from 25 to 121 employees, and saw significant growth every month, including 50 percent revenue growth in November and December.
“Raise is one of the fastest-growing companies we’ve ever seen,” said Tony Florence, general partner at New Enterprise Associates. “There is clearly tremendous market opportunity in making it easier to buy, sell and redeem gift cards, and Raise’s marketplace streamlines the process, integrates advanced mobile payment technologies, and delivers an unbeatable value proposition to merchants and consumers. With growth in the double digits every month, we’re very excited to partner with Raise as they build on that rapid growth and begin to execute on a massive scale.”