ShopSavvy closes $7M round led by Facebook co-founder Saverin
Mobile commerce solutions provider ShopSavvy has closed a Series A financing round totaling $7 million. Facebook co-founder and private investor Eduardo Saverin led the round--Saverin also will join ShopSavvy's board of directors.
The ShopSavvy app enables consumers to scan UPC, EAN or QR barcodes to obtain in-store price comparisons and inventory information spanning local and online retailers. Launched in 2008, ShopSavvy boasts more than 20 million app downloads and 10 million current unique users, as well as partnerships with more than 40,000 retailers including Walmart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble. Corporate customers also include HP, Kellogg, Microsoft (NASDAQ:MSFT), The New York Times, Nokia (NYSE:NOK), Panasonic and Visa.
Earlier this year, ShopSavvy partnered with social commerce website Groupon to deliver personalized, "hyper-relevant" offers to smartphone users. ShopSavvy serves daily Groupon bargains and coupons via its Deals tab, which the firm describes as a Twitter-like stream of offers--according to ShopSavvy, Deals (available in conjunction with its iOS and Android applications) leverages consumer location, shopping history, wishlists, user ratings and social graph data to supply targeted bargains.
ShopSavvy said it will earmark the financing to open a new office in San Francisco and expand its engineering team.
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