Yiftee Company Profile

Background

Yiftee, Inc., established in 2012 and headquartered in Menlo Park, California, is dedicated to bolstering local economies by facilitating digital gifting solutions that drive consumer spending to local businesses. The company's mission is to "Keep Local Dollars Local," aiming to strengthen community ties and support small businesses through innovative eGift card programs.

Key Strategic Focus

Yiftee's strategic focus centers on:

• Community eGift Cards: Branded "Community Cards" that can be redeemed at multiple local merchants within a specific area, encouraging local shopping and community engagement.

• Merchant and Franchise Gift Cards: Custom-branded digital gift cards for individual businesses, franchises, and chains, enabling them to offer eGift cards without the need for additional infrastructure.

• Rewards and Incentives: Programs tailored for corporations, schools, and events to provide rewards that support local businesses.

• Buy-One-Get-One Campaigns: Initiatives designed for communities and merchants to stimulate local spending through promotional offers.

These offerings are designed to be point-of-sale (PoS) independent, requiring no special equipment or integration, thus simplifying adoption for merchants.

Financials and Funding

Yiftee has secured funding to support its growth and development:

• Seed Funding (2013): Raised $850,000 from investors including Scott Cook and Mohr Davidow Ventures.

• Series A Funding (2014): Secured $2.1 million led by Dr. Peter Fitzgerald/TransPacific Ventures, with participation from Scott Cook, Burt Sugarman, Mary Hart, Asset Management Company, Jillian Manus/Broad Strategy Fund, and Michael J. Levinthal.

The capital has been utilized to enhance Yiftee's platform, expand its merchant network, and develop new features such as YifteePro, a service simplifying gifting for businesses and professionals.

Pipeline Development

Yiftee has continually evolved its product offerings:

• YifteePro: Launched to streamline gifting for businesses and professionals, allowing bulk sending of personalized eGifts to clients, employees, and partners.

• Order Desk Capability: Introduced to enable in-person sales of Community eGift Cards at city offices, chambers of commerce, and events, complementing online sales channels.

• Social Media Integration: Added features for merchants to promote their digital gift cards on platforms like Facebook and Instagram, enhancing visibility and sales.

Technological Platform and Innovation

Yiftee's platform is distinguished by:

• Proprietary Technologies: A secure, PoS-independent eGift card system that integrates seamlessly with existing merchant operations without requiring additional hardware or software.

• Data Analytics: Built-in analytics tools that provide insights into merchant performance, local economic impact, and program effectiveness, aiding in strategic decision-making.

• User-Friendly Interfaces: Intuitive web and mobile interfaces for both consumers and merchants, facilitating easy purchase, redemption, and management of eGift cards.

Leadership Team

Yiftee's leadership comprises experienced professionals:

• Donna Novitsky: Co-founder and CEO, with a background as CEO of Big Tent and a partner at Mohr Davidow Ventures.

• Lori Laub: Co-founder, bringing expertise in product development and business strategy.

Their combined experience has been instrumental in driving Yiftee's growth and innovation in the digital gifting space.

Competitor Profile

Market Insights and Dynamics

The digital gift card market has experienced significant growth, driven by increasing consumer preference for convenient and personalized gifting options. The emphasis on supporting local businesses has further propelled the adoption of platforms like Yiftee that facilitate community-focused spending.

Competitor Analysis

Key competitors include:

• Giftly: Offers digital gift cards redeemable at a wide range of businesses, focusing on user convenience and flexibility.

• GiftRocket: Provides customizable digital gift cards that can be used at any business, emphasizing personalization and ease of use.

While these competitors offer broad gifting solutions, Yiftee differentiates itself by focusing on community-centric programs that specifically aim to keep spending within local economies.

Strategic Collaborations and Partnerships

Yiftee has established partnerships to enhance its offerings:

• Mastercard and Silicon Valley Bank: Collaborated to introduce contactless "Tap & Go" payments for Community Cards, improving user experience and expanding merchant acceptance.

• Local Chambers of Commerce and City Governments: Worked with over 400 communities to implement Community Card programs, fostering local economic growth and community engagement.

Operational Insights

Yiftee's operational strategy focuses on:

• Merchant Empowerment: Providing tools and programs that enable local businesses to offer digital gift cards without additional costs or infrastructure changes.

• Community Engagement: Partnering with local organizations to create branded Community Cards that encourage residents to support local merchants.

• Technological Accessibility: Ensuring the platform is user-friendly and accessible, allowing for quick adoption by both merchants and consumers.

Strategic Opportunities and Future Directions

Looking ahead, Yiftee aims to:

• Expand Community Card Programs: Increase the number of participating communities and merchants, thereby amplifying the impact on local economies.

• Enhance Technological Features: Develop additional functionalities such as advanced analytics, loyalty programs, and integration with emerging payment technologies.

• Strengthen Partnerships: Forge new collaborations with financial institutions, technology providers, and community organizations to broaden the reach and effectiveness of its programs.

Contact Information

• Website: yiftee.com

• Social Media:

• Twitter: @Yiftee

• Facebook: Yiftee

Yiftee continues to innovate in the digital gifting space, with a steadfast commitment to supporting local businesses and communities through its comprehensive eGift card solutions.