ShopAdvisor Secures $5M Funding Round
The consumer app also announced a partnership with Allure’s tablet product.
ShopAdvisor announced Monday it closed round two funding with total raised at $7 million.
The digital media app secured a $5 million financing from fellow Boston-based Pittco Capital Partners. The company, founded in 2011, has grown its mobile shopping app to more than 12 million users. The app helps consumers track products across retailers and business bridge gaps between publishers, advertisers and retail partners.
“This funding will help us expand our offerings across a broader set of publishers and media platforms, delivering an innovative new service that can finally close the loop between media companies, their advertisers and retail,” says Scott Cooper, CEO of ShopAdvisor in a statement.
With the new capital, ShopAdvisor plans to invest in sales and marketing to grow the brand, build additional product functionality concentrating on the needs of consumer media and expand engagement on the tablet to include cross-platform programs across media channels.
ShopAdvisor’s partnership with Allure magazine’s tablet edition, announced last week, plays directly into those expanded service ambitions. Starting with the Sept. 2013 issue, Allure tablet readers will gain access to a new, interactive shopping experience.
ShopAdvisor’s service will give Allure’s digital readers the option to shop from curated lists of retailers featured in the magazine, accessible via web and mobile, so that they can then either immediately purchase items, save products in “watch” lists or set reminders on items for possible future purchases.
“In an environment where editorial content and brand advertising are both valued by readers who shop, it seems natural to provide a way for featured brands and their retail partners to engage with those readers throughout the entire shopping cycle,” says Cooper.
Cooper says adding an interactive shopping tool is a natural progression for the publication, helping to directly connect Allure’s readers with advertisers and retailers.
Currently, ShopAdvisor provides shopping reader services to tablet editions for various media companies including Condé Nast, Time Inc. and Hearst.