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Bitmo raises $3M in seed funding for mobile gift card platform

Mobile gifting platform Bitmo has raised more than $3 million in seed funding from Everplus Capital, Longboard Capital Advisors and several family fund offices in Southern California, according to a press release.

The giving and mobile payment platform allows users to securely send virtual gift payments right from their mobile wallet and lets users split and exchange card value between stores.

The seed funding will be used to accelerate growth of the Bitmo consumer platform, expand the company's enterprise products for retailers, expand its offices in Carlsbad, California, and expand its sales, marketing, product, finance and engineering team.

Bitmo officials said the platform helps retailers, noting that billions of dollars of gift card value is lost every year by customers who receive gift cards, but never use them.

"Simply put, our decision to invest in Bitmo comes down to proven execution, large market opportunity and solid leadership," Jeff Haux, lead investor and board member at Bitmo, said in the release. "Bitmo is a scalable platform that simplifies an existing consumer behavior while showing measurable value to retailers."

The company said it expects to surpass 1 million users by the end of the year, and is growing at the rate of 28 percent month to month.