Generational communication start-up CircleIt said it raised $ 5.1 million in a Series A business financing round.
Invest aggressively in growth initiatives
Founder Art Shaikh led the business finance round, while TeleSoft Partners, a venture capital (VC) firm led by actor Arjun Gupta and investor Connor Crown, also participated in the latest business finance round.
Founded in 2018, the startup has developed a platform that enables users to create and send digital cards, souvenirs, flowers, and gifts to friends and family. In 2012, Shaikh lost his father, who left letters, cards and gifts for his son to deliver to members of his family. This request is what inspired Shaikh to start Circlelt.
“Today is truly a day of celebration; the technology that was inspired by my father’s gift of handmade cards left over after his passing is destined to change the lives of families around the world,” Shaikh said in a Press release.
The founder, who previously worked at Salesforce, also said that he hopes to have the entire team of 21 under one roof, as he has previously worked remotely for about a year and a half. The company recently moved to its new global headquarters in the North Downtown Chicago area and is expected to launch new products in the near future.
The startup business plans to use the commercial funds raised to invest in its “aggressive” growth initiatives. To date, the Circlelt app has been downloaded more than 3 million times in 167 countries and is available on the App Store and Google Play.
The start-up company now expects to reach 10 million members by the first quarter of 2022, helped by the strong popularity of the app and the long-awaited launch of the company’s proprietary child accounts and smart cards.
The patented children’s accounts will allow family members to send tips and gifts to children in the form of cards, media and voice recordings. Similarly, unique smart cards will allow users to send gifts and cards to future events without knowing the date.
In other words, advanced artificial intelligence (AI) technology within the platform will allow users to schedule the delivery of a gift for upcoming birthdays, wedding days, and other events deemed important by their loved ones.
“We recently launched a physical gift shop within our platform so that members can order gifts to be delivered at any future date, even years later. We want our members to grow with us. Our goal is to become the global platform of reference for the planning, preservation and fulfillment of the legacy, “Sheikh added.
The launch of the physical gift shop in July helped drive demand for flower and gift orders on the platform. So far, the store has registered more than 2,700 orders. Ordering within the platform is currently only available in the United States (US), although the startup is planning a global launch in the near future.
Summary
Circlelt, a startup developing a generational communication platform that enables users to create and send digital cards, souvenirs, flowers, and gifts to friends and family, announced that it raised $ 5.1 million in a Series A business financing round. Founder Art Shaikh led the funding round that also attracted participation from Arjun Gupta’s venture capital company.
