ShopSocially, a Mountain View, CA-based company that operates a web site where friends can exchange shopping recommendations and discover new products, has secured $1.1m in Series A financing. The round was led by Valhalla Partners, with additional participation from angels investors including Raman Khanna, Ashish Gupta and Dharmesh Thakker.
The company was founded in November 2009 by serial entrepreneurs Jai Rawat and Samir Palnitkar.
According to ShopSocially, users want to use Facebook and Twitter only sparingly for shopping related conversations. This shows that they feel more comfortable discussing shopping related topics on a site designed for such conversation rather than on general social networks. The company also reported that over 10,000 product recommendations have been created by friends in a few short months since the site launch.
FinSMEs
21/10/2010