On Me Secures $6M to Revolutionize Gift Cards
▼ Summary
– On Me is a digital gift card startup founded by ex-Google employees that uses a mobile-first platform to offer gift cards categorized by interests, not just specific retailers.
– The company recently raised $6 million in seed funding to expand its offerings into new experience-based categories like horseback riding and wine tastings.
– Its platform provides flexibility across 72 interest categories, allowing recipients to choose products from multiple brands within a theme, such as tennis.
– The CEO criticizes the traditional plastic gift card industry for generating massive waste, citing data that over 70% are discarded within six months.
– On Me has facilitated over $2.5 million in gifts for more than 26,000 users and is growing rapidly, positioning itself within a global market projected to reach $2.3 trillion by 2030.
A new digital gifting platform is shaking up the traditional gift card market by focusing on experiences and personal passions rather than specific storefronts. On Me, a startup founded by former Google employees, has secured $6 million in seed funding to expand its unique mobile-first service. The platform allows users to purchase digital gift cards organized by interests and hobbies, moving beyond the limitation of choosing a single retailer. This fresh approach aims to capture a share of the massive global gift card industry, which is forecast to grow to a staggering $2.3 trillion by the end of the decade.
The company plans to use its new capital to broaden its catalog of giftable experiences. Current categories already span 72 areas, including running, reading, camping, and concerts. The fresh funding will enable the addition of more niche activities, such as horseback riding lessons, curated wine tastings, and theme park adventures. The core idea is simple: if you have a friend who loves tennis, you can send them a digital card usable for gear from brands like Wilson, On, or Prince, rather than guessing which specific store they prefer.
Personalization is a key feature of the On Me experience. Users can attach video messages, personal photos, or fun GIFs directly to their digital gift cards, adding a thoughtful touch that physical plastic cards lack. The platform is accessible through its website as well as dedicated iOS and Android applications, and all digital cards integrate seamlessly with popular payment systems like Apple Pay and Google Wallet.
A significant part of the startup’s mission addresses the environmental impact of traditional gift cards. CEO and co-founder Darragh Meaney highlighted the waste associated with the industry, which relies heavily on plastic production and disposal. Data from the International Card Manufacturers Association (ICMA) underscores the issue, noting that roughly 30 billion plastic cards are made worldwide each year. Over 70% of gift cards are thrown away within six months, contributing to an estimated 53 million tons of plastic waste. “It is an environmentally wasteful practice that feels totally disconnected from how we live today,” Meaney stated.
The company’s growth metrics suggest a strong market reception. Since its launch, On Me reports it has facilitated over $2.5 million in gifts for more than 26,000 users, achieving a consistent monthly growth rate of 50%. This seed financing round, led by NFX with participation from Lerer Hippeau and Focal, follows a $1.7 million pre-seed round raised approximately one year ago, positioning the startup for its next phase of expansion.
(Source: TechCrunch)
