Raise, a leader in the global gift market and pioneer in blockchain-powered payments and loyalty, announced the closing of a $63 million funding round. Led by Haun Ventures, the funding round included participation from Amber Group, Anagram, Blackpine, Borderless Capital, GSR, Karatage, Paper Ventures, Pharsalus Capital, Selini Capital, Sonic Boom Ventures, the Web3 Foundation, and notable angels Tekin Salimi, Raj Gokal, and Teddy Gorisse, and others. This latest funding round brings Raise's total to over $220 million, building on prior investments from Accel, Paypal, and New Enterprise Associates (NEA).
Raise will use the funding to develop further its proprietary blockchain-backed gift card program called Smart Cards and expand the Retail Alliance Foundation, its non-profit coalition dedicated to uniting global retailers and brands to create a more secure, interoperable, and fraud-resistant gift card network. Raise has seeded the Alliance and the Raise blockchain network with its IP in partnership with BFG Labs, a wholly owned subsidiary of Raise Holdings Ltd. Raise's mission is to redefine gift cards as a secure, fully programable retail currency that strengthen trust and fosters deeper engagement between brands and their customers.
Raise's blockchain initiatives started earlier this year with the upcoming integration of DOT Wallet through a partnership with the Polkadot Community Foundation, enabling seamless transactions within their application. And Raise partnered with WalletConnect to integrate the Raise app with leading digital wallets like Coinbase, MetaMask, Phantom, Trust, and other prominent ecosystems, which will be announced soon. Raise is rapidly expanding its B2B partnerships, engaging with major financial institutions and loyalty programs, including Citi Bank and BILT Rewards.
In connection with the funding round, Raise has also announced the appointment of a new Board of Directors featuring former CLO at Kraken and former President of Blockchain.com, Marco Santori, former co-founder and CEO of Honey, George Ruan, former founder and CEO of GrubHub, Matt Maloney, and Bjorn Wagner, CEO of Parity Technologies. With their expertise and support, Raise is well-positioned to execute its mission to redefine the future of gift cards and drive innovation in consumer loyalty.
KEY QUOTES:
"Raise has redefined how consumers interact with and value gift cards - it's about loyalty and share of wallet, not just gift-giving. For over a decade, we've invested tens of millions of dollars in bringing gift cards and loyalty programs on-chain. Now, we're making a nin-figure commitment over the next several years to fully realize this vision. Having been involved in blockchain and crypto since its early days, we waited for the right regulatory framework and the technological maturity to support a fully reconfigured, on-chain gift card industry. That time is now - the barriers that once existed are no longer obstacles."