Lockerz secures $30 million for social retail

Ronny Kerr · April 12, 2011 · Short URL: https://vator.tv/n/1933

Kleiner Perkins and Liberty Media continue their support for social commerce

Social shopping service Lockerz confirmed Tuesday that it has closed $30 million of a planned $45 million round, according to an SEC filing. Besides the executives on the filing, also listed are John Doerr and Bing Gordon, partners at Kleiner Perkins Caufield & Byers (KPCB), and Chad Hollingsworth and Gregory Maffei, both executives at Liberty Media.

Both KPCB and Liberty Media contributed $30 million to Lockerz before this round, so it’s a safe bet that both returned for this new round, though it’s uncertain whether there are new contributors. We’ll know for certain when the round closes in the next few weeks.

Already 18 million members strong, Lockerz is a shopping site for social media savvy users to curate pages with the products they love. Since brands are increasingly realizing the power in enabling their followers, services have cropped up to help brands reward those customers. Lockerz, a site that targets customers aged 13 to 30, is one of those services.

Users are rewarded simply for shopping and sharing content with friends.

Katherin Savitt, founder and CEO of Lockerz, hails from American Eagle Outfitters, where she served as EVP and CMO for three years, and Amazon, where she served as VP of Strategic Communications, Content and Entertainment Initiatives for four years. So her experience in retail business is strong.

And she’s not the only one on the team with that kind of experience.

Richard Dalzell, a sitting board member and executive at Lockerz, formerly held a position as SVP and CIO at Amazon, a company he served for a decade in various roles. Additionally, Lockerz just last week named former Amazon and PepsiCo executive Mark Stabingas its COO, which will clearly be a demanding position as Lockerz closes the current round in the coming weeks and rolls out its offerings to more users this year. Stabingas will be in charge of the startup’s finance, partnerships, acquisitions and similar functions.

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Ronny Kerr

I am a professional writer with a decade of experience in the technology industry. At VatorNews, I cover the zero-waste economy, venture capital, and cannabis. I'm also available for freelance hire.

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