Lottay, an online gift-giving and wish-list service, closed a Series A funding round of $475,000 led by DFJ Frontier and named former Evite and ABC.com executive Harry Lin its new CEO. The company also partnered with PayPal, allowing users to "give and receive better gifts."
Lottay gifts are money sent via PayPal that are "wrapped in the emotion of the occasion via e-greeting cards, personalized messages, images and pictures. The gift is sent instantly and securely, delivered as a surprise via email and Facebook." Givers can specify the gift they would like the money to buy, while receivers are free to use the money to buy the intended gift or anything else they want.
Lottay said the new funds raised will be used to further develop the company's service and expand its user base.
