Popularity in gift vouchers is continuously on the rise, but so is the money wasted on them. 30% of vouchers worldwide are never used which leads up to a whopping £65 billion being wasted each year. But what do you do when you get a gift voucher for a brand you, quite frankly, really don’t like? Zeek has the answer.

Co-founded in 2013, this Tel Aviv based company is a marketplace for gift cards. Zeek offers a mobile and web platform to both buy and sell gift vouchers whilst they Zeek gets commission on each transaction. With perks such as buying gift vouchers below face value, it is no wonder they are currently Europe’s largest gift voucher marketplace, but how did an Israeli startup boom in the European market?

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Their journey

The founders stumbled across the gift voucher problem when they got married. They received an expensive gift. He went to the shop to swap it for a gift voucher and placed it into his wallet for later use. Like many gift vouchers, it expired before it was ever used and that money went down the drain.

They decided to do something about it and founded the company soon after. A year later, in December 2014, they expanded their concept to the UK.

Due to their success, they quickly secured funding in May 2015 from investors from Blumberg Capital and Qualcomm totalling an incredible £2.5 million in series A funding.  Their series B funding rocketed to £7.7 million in July 2016 with other investors flocking to support. The series B funding is to be used primarily on expanding its presence in the UK.

The UK’s 2016 gift voucher analysis by UKGCVA confirms that their move to the UK was a strong move as it states 60% of brand members saw a growth in gift voucher sales with an undeniable shift from paper to plastic and digital gift vouchers.

With continued support from General Partner of Scale-Up, Alex Lazovsky is predicting Zeek to be “the next tech unicorn in Europe.” Zeek CEO, Daniel Zelkind, is also claiming their continued 30% growth every month.