Under the terms of the transaction, the company’s shareholders have received cash and maintained a minority equity stake in the newly funded company.
WantandFound.com intends to use the proceeds from the investment to roll out its local advertising platform across both web and mobile environments.
Founded by Paul Janowitz, WantandFound.com is a web-based social shopping platform and iPhone application that allows shoppers to check-in, find, share and post local deals. It integrates user generated and business generated content.
In conjunction with the transaction, Janowitz will remain on the company’s board. He will be joined by Sean Wade, co-founder of Ambistar Ventures. Timothy Ngo, founder of Ambistar, will become Executive Chairman.