GiftCertificates.com, the leading provider of gift certificates and related services for corporate clients and consumers, announced Wednesday that it has secured $21.7 million in private financing, which includes a $7.5 million line of credit from Imperial Bank, one of the nation’s leading providers of financial services to mid-sized companies including some of the fastest growing industries, such as technology, entertainment, manufacturing, distribution, and residential construction. The company plans to use the additional financing to support general operating expenses, including inventory financing, additional technology investments, and marketing initiatives.
“Continued financial support in today’s challenging environment clearly validates our business model and the success we’ve experienced to date,” said Michael Ahern, CEO of GiftCertificates.com. “The additional financing combined with the credit line from Imperial Bank enables us to pursue opportunities fundamental to our growth strategy and to achieve our business objectives – including becoming cash flow positive by the end of the year.”
Established in 1997, GiftCertificates.com(TM) is the leading provider of gift certificates and related services for corporate clients and consumers. The Company’s direct sales force has worked with over 5,000 businesses in all major industries to implement gift certificates in their corporate incentive, loyalty, and promotional campaigns, primarily through the use of the SuperCertificate(TM), a flexible gift certificate that can be redeemed at GiftCertificates.com for original gift certificates to hundreds of participating merchants. The Company represents more than 700 merchants, including national retailers Bloomingdale’s, Eddie Bauer(R), and Crate and Barrel; luxury retailers Neiman Marcus and Dean & DeLuca; travel-related services American Airlines(R) and Marriott Hotels; service merchants Merry Maids and Terminix; and popular restaurants T.G.I. Fridays, Red Lobster, and McCormick & Schmick’s. Merchant gift certificates and SuperCertificates can be delivered through standard or express mail. Email delivery is also available for SuperCertificates and select merchant gift certificates. For more information, visit www.GiftCertificates.com.
GiftCertificates.com and SuperCertificate are trademarks of GiftCertificates.com, Inc.
About Imperial Bank
Imperial Bank, a Comerica Incorporated company that was founded in 1963, has been a technology banking leader for nearly a decade, and offers a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. The Emerging Growth Division provides credit and financial services and products to young, growing professionally backed technology companies in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. Within the Emerging Growth Division is Venture Capital Services, which is dedicated to providing venture capitalists a full range of banking services. From offices located in the U.S., Imperial’s senior level venture backing team serves all major technology centers.
Comerica Incorporated is the 19th largest bank holding company in the nation, with $50 billion in assets. Comerica acquired Imperial Bancorp, the former holding company of Imperial Bank, on January 31, 2001.Details