San Diego Venture Group recognizes new platform modernizing the gift card industry
SAN DIEGO — Bitmo, a mobile gifting and payment platform that is transforming the $160 billion gift card industry, announced today it has secured a coveted spot in San Diego Venture Group’s “Cool Companies” program.
San Diego Venture Group, whose mission is to connect local startups with venture capitalists looking to invest, annually vets tech companies that apply for its “Cool Companies” program. One key element SDVG took into consideration when nominating the finalists, was readiness for venture capital backing. Out of the 255 applicants vying for this year’s award, Bitmo was recognized along with 32 additional finalists.
In March, Bitmo announced it had raised over $3 million in new seed round capital. Since launching publicly just 18 months ago, Bitmo has already begun to change how consumers connect with retailers, and the company is on track to surpass one million users before the end of 2019, growing 28% month over month. Its innovative mobile gifting platform makes gifting more convenient, flexible and secure for consumers, while at the same time helping retailers to drive traffic and incremental growth.
“We would like to thank San Diego Venture Group for recognizing Bitmo as one of the fastest-growing, most exciting startups in Southern California,” said Michael Smallwood, CEO and founder of Bitmo. “Bitmo is well positioned to disrupt the $160 billion gift card industry and we look forward to connecting with SDVG’s network of like-minded innovators and investors.”
Bitmo, along with the other finalists, will be recognized on April 30, at the Belly Up Tavern in Solana Beach.
CEB Tower Group report: https://www.giftcards.com/gift-card-statistics
Bitmo is a mobile gifting platform that makes it easy to send and receive small, yet meaningful gifts among friends. Bitmo can be used to purchase, send or exchange digital gift cards for full value at over 130 different retailers nationwide, including Nike, Nordstrom, Old Navy, Regal Cinemas, Macy’s, Sephora, Petco, GameStop, Panera Bread, Yard House, and The Coffee Bean and Tea Leaf. Bitmo was founded in 2017 in Southern California by serial entrepreneur and CEO, J. Michael Smallwood, with a leading team of industry executives, startup veterans and mobile payment experts.