©2024 Business Next Media Corp. All Rights Reserved. No.102, Guangfu S. Rd., Da'an Dist., Taipei City 106, Taiwan
Giftpack AI, an AI-driven corporate gifting platform, recently announced the successful completion of its seed funding round. The round, which raised a total of $4.3 million, was spearheaded by Chang Hai Lin, and saw contributions from Tech Coast Angels, Chih Heng (George) Yeh, Christopher Yang, and Dr. Mike Cooney.
In 2022, Giftpack introduced its AI visual engine technology, a pioneering feature that aids businesses in gift selection and provides customization options. The new influx of funds aims to further refine this cutting-edge service. Before this innovation, Giftpack served 46 corporate clients. Today, that figure has ballooned to nearly 1,500, including industry heavyweights like Google, J.P. Morgan Chase, Meta, Zappos, eToro, and Rakuten.
While many businesses annually waste more than $100,000 on ineffective gifting, Giftpack is shifting the paradigm. Renowned companies are now turning to Giftpack to design tailored gifts that genuinely resonate, delivering thousands of such personalized gifts across the globe in a matter of seconds.
"This infusion of capital signifies a resounding vote of confidence from investors as we enter a pivotal moment for Giftpack AI," says Archer Chiang, Founder and CEO of Giftpack. "We are redefining the gifting landscape and poised to shape the way people connect and express their emotions through thoughtful, personalized gestures. The future holds immense promise, and Giftpack is ready to embrace it wholeheartedly."
Highlighting Giftpack's efficiency, the platform remarkably speeds up the gifting process by 95% compared to traditional methods. It offers data-driven insights that track gift performance, recipient interactions, and essential ROI metrics.
"We found that companies didn't have much faith in AI-recommended gifts," says Chiang. When transitioning from B2C to B2B services in 2021, he aimed at the potential of the corporate gifting market where businesses spend a lot on gifts. However, at that time, trust in AI technology wasn't firmly established, leading to challenges in Giftpack's international market expansion.
Faced with the challenges directly, the startup started with business client interviews and collecting all sorts of information. Through surveys, they became certain about the market potential. The concerns over quality and demand for customization have thwarted AI adoptions. Giftpack embeds customization services right away, allowing companies to add logos and tailor the gift sets. In the system, the team also generates more than 21,000 gift templates for enterprises to choose from. The new models soon clicked with the market, boosting the user number of Giftpack.
"I am enthusiastic about supporting a company at the forefront of modernizing gifting through artificial intelligence," says George Yeh, Giftpack Investor. "With the ongoing AI advancements and rise of personalized shopping, this company's ability to forge meaningful connections through technology upgrades gifting while pioneering an inventive path. I'm eager to promote Giftpack's growth and success by spearheading this transformative AI gifting journey, with an evolved leadership approach to match its trailblazing aims."
Since its inception in 2020, Giftpack has dispatched over 50,000 gifts to clients and employees across 220 countries, earning a 98.6% gift satisfaction rate. Concluding, companies partnering with Giftpack are reaping tangible benefits. They've reported a 57% uptick in employee morale and engagement due to bespoke gifting and a 31% rise in talent retention.
Initially, Giftpack's concept of cross-border gifting began in China, where they trialed a coffee delivery service for hostels. With its success in China, Chiang, based in San Francisco, decided to launch the idea there.
Chiang emphasizes the significance of finding the right market fit for startups. Despite its success, Giftpack faced challenges in San Francisco, sometimes outsourcing deliveries to competitors due to high order volumes.
As companies globally gear up for their annual corporate gifting, this investment spells growth and evolution for Giftpack. The startup is set to not only refine its existing platform but also broaden its offerings by driving innovation in R&D. The funding will also expedite the platform's integration with HRIS, Employee Recognition Platforms, and CRMs, thus streamlining corporate gifting even further.
©2024 Business Next Media Corp. All Rights Reserved. No.102, Guangfu S. Rd., Da'an Dist., Taipei City 106, Taiwan