Tuesday, November 17, 2009
Lottay Raises Funding, Appoints CEO
Los Angeles-based Lottay, an online gifting web site, is announcing this morning that it has raised $475,000 in a funding round, and appointed former Evite.com and ABC.com executive Harry Lin as its CEO. The funding round was led by DFJ Frontier. Other backers of the firm include Steve Blank, CEO of Epiphany and Klaus Schauser founder of Citrix Online. Lin was most recently CEO of Zig.com, SVP and GM of Evite.com, and VP at ABC.com, in addition to having served at Infoseek.com, ChannelA.com, and KQED-FM. David Cremin of DFJ Frontier joins the company's board as part of the funding. Lottay allows users to send virtual gifts to others, tied to PayPal cash transfers.