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ShopSavvy lands $7M from Eduardo Saverin

The shopping comparison app helps you find the best deals online or nearby

Financial trends and news by Faith Merino
November 3, 2011 | Comments
Short URL: http://vator.tv/n/2113

Shopping comparison app ShopSavvy is a must-have for those among us who want the absolute bottom-of-the-barrel prices on…everything.  And it looks like the startup has drawn a few heavy hitters in the Valley: ShopSavvy announced Thursday that it has raised $7 million in a Series A round of funding led by none other than Facebook co-founder (and betrayed friend?...) Eduardo Saverin.

Saverin will join the company’s board of directors, as will investor and former Chairman and CEO of Saks Incorporated Brad Martin.

We’ve covered ShopSavvy before as a necessity for your Black Friday shopping strategy.  The app provides price comparisons for both online and local retailers so that you can find the best deal nearest you.  For example, if you’re out cruising around the mall on a sunny Saturday afternoon and you happen to spot a pair of shoes you’ve been wanting to get, you can quickly scan the barcode and get a list of prices from online retailers like Amazon.com or brick-and-mortar stores, complete with driving directions and phone numbers.

Founded in 2008, the app has built up a user base of 10 million unique users, with 20 million downloads to date.  The company was not immediately available to comment, so it’s not clear what kind of revenue growth it’s seen since launch.

ShopSavvy has also forged a number of high-profile partnerships with retailers—40,000, to be specific.  Partners include Walmart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble.  Corporate customers include Best Buy, Consumer Reports, HP, Kellogg, Microsoft, the New York Times, Nokia, Panasonic, Readers Digest, and Visa.

"Much like the nascent days of social media, I believe the mobile shopping services market is in the very early stages of change," said Eduardo Saverin, in a statement. "In my opinion, ShopSavvy has the right connections, the right partners and the right technology to be a game-changer."

The company plans to use the new funds from this round to expand the company’s engineering team and open a new office in San Francisco. The company currently has 15 employees.

"We chose Eduardo because of his perspective on both shopping and payments combined with his international perspective," ShopSavvy co-founder Alexander Muse tells me.  "Also we believe his passion and knowledge of social shopping will be important as the next trends in mobile shopping unfold.  He brings a unique combination of investments in portfolio in technology as well as some international investments that will be synergistics."


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