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Group Commerce raising $10 million for deals?

E-commerce and daily deals continues to heat up with rounds raised left and right

Financial trends and news by Ronny Kerr
May 11, 2011 | Comments
Short URL: http://vator.tv/n/1a50

Group Commerce, has raised a second round of more than $10 million, according to multiple sources close to peHUB.

The round follows an $8 million Series A raised in June nearly a year ago from Spark Capital, Lerer Media Ventures, and Carmel Ventures. Contributing to the new round are likely some of, if not all, the previous investors.

Based in New York, Group Commerce helps its clients offer daily deals. And it's got some notable names on board: The New York Times, Meredith Corporation, DailyCandy, Thrillist and more.

Group Commerce promises publishers they can monetize their content without reducing relevancy, while merchants can finally reach a targeted audience.

E-commerce startups have been blooming left and right as of late, be it in daily deals, location-based services or private sales sites. But it only makes sense. The rise of social media and mobile technology has opened a world of possibilities to merchants, publishers, advertisers and marketers. If you’re not reaching consumers creatively today, then you’re just not trying at all.

Fashion flash sales site Gilt Groupe earlier this week closed an impressive $138 million round at a $1 billion valuation. Meanwhile, Groupon has been keeping busy: it's been raising new rounds (not content with $950 million), launching a real-time app (Groupon Now) and partnering with Live Nation (Groupon Live) for daily concert deals. In the location space, Foursquare and SCVNGR are both vying to be the best at offering automatically rewarding deals.

Most similar to Group Commerce, however, has to be LocalResponse, which just rolled out its social advertising platform over the past month. The network is most attractive for its ability to analyze and parse location data from users’ shared content, like status updates and photos, even when there is no explicit check-in.

We’ve reached out to Group Commerce to confirm the new funding round and will update when we receive response.


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