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 and 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, SVP and GM of, and VP at, in addition to having served at,, 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.