TechCrunch50 demopit startup Lottay, which lets you create an online gift that people can put money towards, has raised $475,000 in Series A funding from DFJ Frontier. The startup has also recruited former Evite exec Harry Lin as CEO.
Lottay, which uses PayPal’s newly released Adaptive Payments API, lets anyone create gift pages with detailed descriptions and pictures of a particular goal or gift and then friends can contribute to the site via PayPal.
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 – from a cup of coffee to a Caribbean cruise and beyond – while receivers are free to use the money to buy the intended gift or anything else they want.