Group gift service Leetchi scores funding from Kima Ventures and 360 Capital Partners

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[France] Only 3 months after its official launch and Leetchi has already scored funds from Kima Ventures and 360 Capital Partners.

The announcement is one of the first investments of Kima Ventures, the new seed fund of Jeremie Berrebi and Xavier Niel, which we covered last week. The investment will be used to develop Leetchi’s activities and reinforce the current 5-person team in France.

27-year-old founder, Céline Lazorthes, officially launched the company on November 18, 2009 after a 40-person group trip that Lazorthes organized, where she realized a need for a reimbursement system between friends. The group gift service aims to simplify informal debt between friends and colleagues by taking out the hassle of who owes who money when pitching-in for a goodbye party, present etc. The site pools all the money for a collective purchase or donation, allowing the users to pay their individual share via credit card.

Users then have the additional option to make a purchase or donation with Leetchi’s partner sites, including FNAC.com, Delamaison.fr and Acteurspourlasolidarite.com, without any additional costs – or to receive a transfer of the full amount of money collected with Leetchi taking a commission of 4%.

Since its creation, Leetchi has facilitated 350 group purchases and donations. The company received initial funding from Net2one and Zlio.com’s Jeremie Berrebi, as well as Amen and Fotolia’s Oleg Tschelztoff.

Leetchi’s site is currently available in French. While 2010 activities will be focused on developing locally, Lazorthes is already aiming to open offices in the UK and Germany sometime next year.

  • http://www.greenstreet.net PaulH

    This reminds me of Wigadoo.com in the UK, which unfortunatley failed to take off and had to close down. I always liked the idea though, so hope this succeeds.

  • http://goblogspot.com/2010/02/22/saint-valentine%e2%80%99s-day-canvas-art-is-the-best-gift-for-your-sweet-hearts/ Saint Valentine’s Day! Canvas Art is the Best Gift for your Sweet Hearts! | GoBlogspot Media

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  • http://www.lottay.com/ William

    it reminds me http://www.lottay.com/ that make Users create gift pages with detailed descriptions and pictures of a particular goal or gift and then friends can contribute to the website via PayPal.

  • https://silentale.com Shannon Ferguson

    congrats to all involved! love to see french-based startups raising funding. btw – any info on how much was invested?

    • Steve O'Hear

      They’re not disclosing it for now.

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  • http://www.leetchi.com Céline

    Thanks to all for your kind words.
    Big difference with Lottay because we collect the money for the user. We believe, this simplify the user experience, save part of the comission for the user and give us a real business model.
    Please give us as much feedback as you want !
    Céline

  • http://www.ledsigns.cn led display

    HOHO 今天上班好困啊。。但是还是要坚持
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  • Jackson

    Nice to see a few more competitors in this market!

    But I think with Lottay, the advantage is that Lottay never hold the cash themselves. Don’t you need banking licences etc to do it this way (to handle all the concerns about what happens to the money if you go bust, or if people use it for money laundering etc)?

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  • http://www.canape-salon.com/fr/ canape

    Hey,

    What are the results after one year for leetchi.com ?

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