Sydney “nano-gifting” app Shouta has raised $1 million in a seed round backed by a range of startup entrepreneurs.
The app, which launched in December 2020, allows users to instantly gift or ‘shout’ anyone in their phone contacts by sending them a link to a digital, prepaid Shouta Mastercard.
The reloadable card can be spent on the specific shout the gift-giver has chosen, like a coffee.
Investors in the round include Aconex co-founder and Gravel Road Ventures CEO Rob Phillpot, Carsales co-founder Steve Kloss, Untitled Group co-founders Michael Christidis and Tom Caw, former CBA private bank GM Amanda Coombs and Mike Bird and George Glover, co-founders of urban.com.au and Social Garden.
Shouta co-founder Carly Shamgar said she was “thrilled” by the calibre of the fintech’s investors.
“Outside of the capital they’ve provided to fast-track our growth, these strategic partnerships add huge value to our business and contribute insights, connections, and opportunities that we’ll be able to harness as we continue to change the face of gifting in Australia and across the globe” she said.
“We’ll be utilising this funding round to grow our team, expand our workplace solution offering, Shouta Biz, and work on some innovative new updates and products for Shouta’s customers.”
Rob Phillpot said the business is rethinking and revolutionising the way we gift.
“The team has created a scalable business that maximises the ‘warm-fuzzies’ and fun that comes with gifting,” he said.
“While fully digital, Shouta is more than just a quick send – it’s a connected experience that allows users to integrate a personalised and customisable approach to gifting. Building a large subscriber base will be critical to the team’s continued success – and I think they’ve assembled the right team and investors to do this.”
Steve Kloss said it was an exciting business on many fronts.
“The audience that it is addressing is expansive with an immediate ability to scale. The concept of gifting currency that enables a mobile audience to seamlessly transfer a gift is an opportunity that needs to be addressed,” he said.
“When I understood Shouta and how they were addressing this problem, it made the investment thesis compelling.”
This article originally appeared on Startup Daily.