123Greetings.com Raises First Round Funding From Intel Capital
By Nikhil Pahwa - Fri 18 Jan 2008 12:57 AM PST
Infrasoft Technologies, which owns the e-cards portal 123Greetings.com has raised its first round of funding led by Intel (NSDQ: INTC) Capital, as per a release. The amount of funding has not been disclosed, and is from the $250 million Intel Capital India Technology Fund, founded in December 2005.
The investment will be used to support future product launches, sales and marketing, infrastructure and expansion both in India and internationally. Hopefully, some of it will be spent on reworking the sites design. 123Greetings allows users to send online greeting cards to others, as well as post them blogs and social media sites like Myspace, Facebook, Hi5 and others. Cards also have social bookmarking features, though why anyone would add a greeting card to Digg is beyond me. Mint adds that average deal size for Intel Capital is of $5-7 million but it’s now looking at growth stage deals. They invested in 15 5 companies in India last year, and the country is among the top money-making countries for Intel Capital.
Posted in: Portals, Venture Capital
