03 November 2011
Barcode and product search app ShopSavvy just found a really great deal.
In a new funding round led by Facebook co-founder and private investor Eduardo Saverin, the company announced today that it has secured $7 million (£4.3 million) in Series A funding. Saverin, made famous by the 2010 movie "The Social Network," will provide advice to ShopSavvy and join its board of directors.
"Much like the nascent days of social media, I believe the mobile shopping services market is in the very early stages of change," he said. "In my opinion, ShopSavvy has the right connections, the right partners and the right technology to be a game-changer."
Developed in 2008, ShopSavvy was the first app that allowed users to scan a barcode, do a product search and find comparable deals with local retailers and online.
It has now been downloaded more than 20 million times and currently has over 10 million users. Additionally, the company has developed more than 40,000 partnerships with retailers including Wal-Mart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble.
Previously, the company survived on revenue generated from Google award money and revenue from early clients. ShopSavvy plans to use their newly full coffers to double the size of their engineering staff, build out their advertising campaigns and open a new San Francisco office.
"People have wanted to buy the company or invest, but it took us awhile to find the guy who really understood what we wanted to accomplish," said ShopSavvy CEO Alexander Muse.
"We have to have a shared vision of what the world is going to look like. We are working on new ways to make money with social connections and shopping is the most obvious way to go."
Facebook co-founder secures ShopSavvy funding
Barcode and product search app ShopSavvy just found a really great deal. In a new funding round led by Facebook co-founder and private investor Eduardo Saverin, the company announced today that it has secured $7 million (£4.3 million) in Series A funding. Saverin, made famous by the 2010 movie "The Social Network," will provide advice to ShopSavvy and join its board of directors.
"Much like the nascent days of social media, I believe the mobile shopping services market is in the very early stages of change," he said. "In my opinion, ShopSavvy has the right connections, the right partners and the right technology to be a game-changer."
Developed in 2008, ShopSavvy was the first app that allowed users to scan a barcode, do a product search and find comparable deals with local retailers and online.
It has now been downloaded more than 20 million times and currently has over 10 million users. Additionally, the company has developed more than 40,000 partnerships with retailers including Wal-Mart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble.
Previously, the company survived on revenue generated from Google award money and revenue from early clients. ShopSavvy plans to use their newly full coffers to double the size of their engineering staff, build out their advertising campaigns and open a new San Francisco office.
"People have wanted to buy the company or invest, but it took us awhile to find the guy who really understood what we wanted to accomplish," said ShopSavvy CEO Alexander Muse.
"We have to have a shared vision of what the world is going to look like. We are working on new ways to make money with social connections and shopping is the most obvious way to go."
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