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ShopSavvy Secures $7 Million Round Led by Facebook Co-Founder Eduardo SaverinLeading Mobile Shopping Company Announces Series A Round, Adds Saverin to Board of Directors (November 03, 2011)
SAN FRANCISCO, CA -- (Marketwire) -- 11/03/11 -- ShopSavvy, the leading mobile shopping assistant, today announced that it has secured $7 million in Series A funding. The round was led by Eduardo Saverin, Facebook co-founder and private investor. Saverin will provide advice to ShopSavvy and join the company's board of directors. In addition, ShopSavvy will add investor Brad Martin, former Chairman and CEO of Saks Incorporated and Chairman of RBM Venture Company to its board of advisors. ShopSavvy will use the financing to open a new office in San Francisco and expand the company's engineering team.
"Much like the nascent days of social media, I believe the mobile shopping services market is in the very early stages of change," said Eduardo Saverin. "In my opinion, ShopSavvy has the right connections, the right partners and the right technology to be a game-changer."
According to Forrester Research, mobile commerce is expected to reach $31 billion by 2016, up from $3 billion in 2010. The strong uptake in mobile shopping indicates that today's consumers demand to easily and quickly locate, research and buy products both online and in-store.
Since launching in 2008, ShopSavvy has established the largest mobile shopping customer base, with more than 20 million downloads and over 10 million current unique users. ShopSavvy counts over 40,000 partnerships with retailers, including strong connections to the world's largest such as Walmart, Target, Best Buy, Sears, Nordstrom and Barnes & Noble. The company's technology brings real-time pricing and product information directly into a consumer's hands. Using propriety algorithms to anticipate sales and buying points, ShopSavvy also provides valuable buying information and advertising opportunities. The company's corporate customers include Best Buy, Consumer Reports, HP, Kellogg, Microsoft, the New York Times, Nokia, Panasonic, Readers Digest, and Visa.
Based on its success, ShopSavvy has attracted a number of high-profile investors, including Brad Martin, who will join the company's board of advisors. Martin currently sits on the Boards of Directors of FedEx Corporation, First Horizon, Dillard's, lululemon athletica, and Pilot Travel Centers.
"ShopSavvy is helping retailers and brands evolve and deepen their relationship with consumers," said Martin. "I've had the opportunity to see many shifts in retail over my career and these trends in mobile shopping are among the most exciting as they benefit all parties involved: shoppers, retailers and brands."
Along with Eduardo Savarin, ShopSavvy will also be expanding its board of directors to include James Bailey and John Boyd, COO and co-founder of ShopSavvy. The new directors join co-founders Alexander Muse and Rylan Barnes on the board.
"Between Eduardo's social media experience and Brad's years of retail experience, they have seen it all in this industry, so we're very proud that they are both on board," said Alexander Muse, CEO of ShopSavvy, Inc. "Our focus has always been providing the best experience and service to the consumer. This round of funding gives ShopSavvy the resources to build new services that will help provide consumers better real-time visibility for the best buying decisions possible."
For more information, please visit www.shopsavvy.com.
ShopSavvy is the leading mobile shopping assistant, with more than 20 million downloads and 10 million current unique users. ShopSavvy empowers smartphone users to quickly and seamlessly locate, research and buy products at the point of sale. When users scan a barcode or input a product name, they discover where the item is sold locally and online, where it's in stock and at what price. ShopSavvy aggregates product data, deals, ratings and reviews from retailers, partners and its own users to provide the most comprehensive source of information and advice for mobile shoppers anywhere. For advertisers, ShopSavvy delivers "hyper-relevant" deals, promotions, warranty offers, and other UPC/GPS-targeted content to consumers. For more information, visit http://shopsavvy.com.
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