SHOP.COM™ (www.shop.com,) the destination online marketplace where people conveniently shop for thousands of trusted brands using a single account, today announced that it closed its first ever venture funding through a $25 million (£14 million) round of financing led by Oak Investment Partners. SHOP.COM will utilise the capital infusion to support the company's aggressive marketing and customer service initiatives aimed at further accelerating the over 1,000% growth in traffic it demonstrated in 2004.
“SHOP.COM represents the next step in the evolution of retailing on the Web,” said Fred Harman, General Partner at Oak Investment Partners. “This organisation lives to create the ideal online shopping experience. As a result, SHOP.COM has carved out a defensible position by combining innovative technology with a unique business model. The extraordinary online marketplace they’ve built provides a superior shopping experience to online consumers while also providing a more efficient return on investment to online merchants.”
With more than 25 years of investment experience, Oak Investment Partners (Head Office: Palo Alto, California, with further offices globally) is a growth-oriented private equity firm with a total of $5.8 billion in committed capital. Pagemill Partners managed the financing for SHOP.COM.
Read complete write-up at sourcewire.com
About SHOP.COM
SHOP.COM is the destination online marketplace designed to help consumers more conveniently shop on the Web. SHOP.COM organizes millions of products from hundreds of merchants in a single location, allowing consumers to shop across them all – start to finish – with one personal password-protected account. SHOP.COM is a privately-held company headquartered in Monterey, Calif. with its International base in London serving the European and Asia markets.
For more information, visit the company’s Web site at www.shop.com.
Online shopping marketplace is getting hotter and hotter each day, it's a multi million dollar business. You and I who are shopping online are contributing to part of the growing market. Do we still need the brick and mortar type of shopping mall.....
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