on me Raises $6M to Disrupt Gift Card Industry

On Me: Reinventing Gift Cards with a Digital Approach

Founded by former Google personnel, On Me is a startup focused on transforming the gift card industry. Their innovative, mobile-first platform allows users to purchase digital gift cards based on recipient interests, moving away from retailer-specific limitations.

Recent Funding and Expansion Plans

The company announced on Thursday the successful completion of a $6 million seed funding round. These funds will be strategically allocated to broaden the range of gift categories available.

Future additions will encompass experiences such as horseback riding lessons, wine tasting events, and trips to popular theme parks.

A Flexible Gifting Experience

On Me emphasizes its adaptability. For instance, a tennis enthusiast can receive a digital card enabling purchases from leading brands like Wilson, On, and Prince.

Currently, the platform provides gift cards spanning 72 distinct categories. These range from activities like running and reading to hobbies such as camping, gardening, gaming, and attending concerts.

Personalization is enhanced through the ability to attach video messages, photos, and GIFs to each gift card. The service is accessible via both a website and dedicated iOS and Android applications.

Addressing Environmental Concerns

Darragh Meaney, CEO and co-founder of the startup, highlighted the ecological impact of traditional gift cards, which heavily rely on plastic production.

According to the International Card Manufacturers Association (ICMA), roughly 30 billion plastic cards are produced annually worldwide. Over 70% of these gift cards are discarded within six months, contributing to an estimated 53 million tons of plastic waste.

Meaney stated, “This practice is environmentally unsustainable and feels out of sync with modern lifestyles.”

On Me’s digital cards are also compatible with both Apple Pay and Google Wallet for seamless transactions.

Market Position and Growth

The global gift card market is projected to reach $2.3 trillion by 2030. On Me believes it is strategically positioned to capitalize on this growth.

Since its inception, the company has facilitated over $2.5 million in gifts for more than 26,000 users. Monthly growth has consistently been around 50%.

NFX led the seed funding round, with additional participation from Lerer Hippeau and Focal.

This funding arrives one year after the platform’s initial launch and a preceding $1.7 million pre-seed funding round.