Band portfolio company Sift (ShopInbox) today announced the public release of thir app and a $1.5 million seed round with the backing of a great set of investors: Liquid 2 Ventures (Joe Montana's fund), Plug and Play ventures, Mark Lefanowicz (early Credit Karma investor), Sy Fahimi (early investor in Mint), super angel Sophia Collier, Band of Angels, Rajul Garg (early stage investor in US/India), Anton Gauffin (founder of Huuuge games) and a number of banking executives.
The team set out to build this company based on the insight that the post-purchase experience is broken. Most Americans, who average between two and four credit cards, are aware of their common benefits such as points, merchandise rewards, and travel. But credit card perks are like an iceberg - some of the most valuable benefits are underneath the surface, hidden behind jargon and fine print or are hard to take advantage of. They couldn’t believe that so much money was being left on the table when it belonged in the pockets of consumers!