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LinkedIn founder to invest Skr35 million in a Swedish Gift Wrapper App

Wednesday, 18 January 2012
The Swedish Gift company Wrapp has been reportedly received a boost from one of the leading heads in the IT world.

According to the Swedish business daily, Dagens Industri, LinkedIn founder Reid Hoffman has seen great potentials in the Swedish business and the company and has reportedly decided to throw in some good money on their operations.

"Hoffman is a Unicom in the Internet industry. He will add enormously to our U.S. launch, which will now go even faster, ”said the Wrapp company board member, John Brenner to the paper.

Wrapp was founded in Sweden in the first half of 2011, and is based in Stockholm, Sweden and Silicon Valley, the US. Its customers include stores in Sweden such as Stadium, Indian and Clas Ohlson.

Wrapp, according to the company is about celebrating events big to small in friends’ lives. Their service connects people with retailers around the world and allows them to discover, plan and send digital gift cards to the people they care about.

Wrapps concept is that users send gift cards to their friends by mobile phone. Then the gift certificate later redeemed to get Wrapps part of the sale.

Swedish venture capital firm Creandum is also reported to be invested in Wrapps even before launch, and in November, others such as Niklas Zennström were interested in the company through its venture capital firm Atomico.

Reid Hoffman founded the networking site LinkedIn and was also an interest body in Facebook. He believes strongly in the Wrapps concept.

"It is an effective and profitable business model right from the start that ties up some of the world's top brands, "he said.
The next step for the wrapper is a launch in the UK and then expects to do in the United States.
By Scancomark.se Team

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