Our investment in Nift
By Santo Politi
We are delighted to announce our seed investment in Nift. The company is innovating on how local businesses advertise and acquire customers. The team is building and empowering networks of local businesses that refer customers to each other.
We met the founder, Elery Pfeffer, many years back when he had just moved to Boston. Elery, at 6′9″, stands out in any crowd. You’d think he’d be big on basketball, but he swims instead. He rides his bike everywhere year-round. His MacBook Pro travels in his backpack in a hard shell case, because the last one did not survive a fall last winter. He is a data junkie and complains about not having enough time to do all the analysis himself anymore. He is very passionate about small businesses and his need to help them. If you have the time, he will tell you many stories of countless merchants and their experience with Nift (rhymes with gift). This passion and his attention to detail has helped him build a great team, and this is also what attracted us to invest in what could be a very disruptive idea.
Here is more on the company from the Boston Globe:
“With many small businesses struggling to stay afloat against e-commerce and big-box stores, Nift has created a network for small businesses to send each other new customers.
Based on two familiar principles of marketing — giveaways and customer referrals — Nift uses an algorithm to send regular customers of one small business to another by offering them free gifts.”
We couldn’t be more excited to work with Elery and the whole Nift team.
Originally published at santopoliti.tumblr.com.