Israeli gift card startup raises $9.5 million


( An Israeli-based startup app for users who want to buy and sell unused gift cards, announced on Wednesday it has raised $9.5 million in a Series B funding round led by Scale-Up Venture Capital.

Zeek App. Credit: Zeek App Preview via YouTube screenshot

“We have created a unique technology that supports very high scale trading within a safe and reliable environment,” said Zeek CEO and Co-founder Daniel Zelkind. “The funding will help further investment in innovation, technology and marketing.”

Other major investors in Zeek include Blumberg Capital and Qualcomm Ventures.

Zeek, launched in 2014 in Tel Aviv, has also expanded to the United Kingdom, and hopes to further expand into Europe, targeting the $100 billion in unused gift cards through its marketplace of trading store credit, gift vouchers, refund slips, gift cards and e-vouchers.

"We believe that Zeek will swiftly surpass $1 billion run-rate in branded currency transactions. Intimate understanding of consumer needs puts Zeek on track to become the next tech unicorn in Europe," General partner of Scale-Up Venture Capital, Alex Lazovsky, said in a press release.

Posted on July 28, 2016 .