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CashStar Inc. has rung up close to $1 million in financing, according to one of the startup’s backers.
The South Portland, Maine-based company, which makes online gift cards, received $472,000 from the Maine Technology Institute , a state-funded nonprofit grant corporation, according to the institute’s website.
The funds were matched by CashStar’s sister company, California-based Coupons Inc., according to a report published in MaineBiz online.
The company makes a web-based software platform that allows retail customers to create branded digital gift cards as part of promotional programs. The company was incubated by Coupons Inc. and uses the company’s secure print barcode technology, according to its website.
Co-founders David Douglas Stone and Steven Boal both have financial services backgrounds, according to their bios on the company’s website. Boal founded Coupons Inc. in 1998 after serving as vice president of business development for Integral Development Corp., a California-based financial software company. Stone was an executive at American Express and worked with Intel Capital’s mobile commerce team.
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