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CashStar Inc., the Portland, Maine-based startup supplying online gift card technology, has raised $5 million in a new round of funding to help the company expand in its target markets, officials said.
The new round was led by existing investor Passport Capital LLC, a San Francisco-based global investment firm, along with investment bank Allen & Co. LLC. CashStar, founded in 2007, is targeting a $90 billion gift card market. The company counts The Home Depot, CVS, Travelocity and other major companies as customers for its payment rewards platform.
Last summer, when it was named Gazelle Company of the Year by TechMaine, CashStar reported 37 employees. In November 2009, CashStar collected a previous $5 million round from Passport Capital and other existing investors.
In total, since the company was founded by CEO David Stone and chairman Steven Boal, CashStar has raised a total of $12 million in venture funding, not counting nearly $1 million it received through a matching grant program run by the state of Maine.
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