ideaEDGE Inc. (OTCBB: IDAE) develops prepaid gift card programs utilizing highly popular social sites such as MySpace and Facebook, which have a combined audience of more than 170 million users. It’s an audience that keeps growing as users from all over the world, from every walk of life, and of every age jump on the social networking bandwagon.
ideaEDGE today announced it has secured $1.2 million of new equity funding, which will allow the company to rollout its Social Network Enable (SNE) Group Gift Card platform in late 2008. “Our industry partners are excited about the potential of our SNE Group Gift Card platform,” Jim Collas, ideaEDGE’s CEO stated in the press release. “We expect to have an impressive network of industry partners and gift card merchants for our planned launch this fall.”
With the economy’s weak condition, money is tight for everyone, and shopping with a gift card should make anyone smile. According to ideaEDGE, the gift card market is $100 billion – and the company intends on getting involved in the industry and taking advantage of its popularity. ideaEDGE plans on doing this by making group gift giving easy and fun, allowing multiple individuals, such as a group of friends on one of the social sites, to contribute to a group gift card, perhaps for birthdays or other occasions. Users and gift givers will be able to choose from a wide selection of popular gift card merchants.
The gift card platform, delivered later this year, will create an easy tool for buying and delivering gifts, targeting a broad demographic of Internet and social network users. Word of the financing sent shares of ideaEDGE climbing nearly 7 percent to $1.30 in mid-day trading.
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