Social Shopping Service Snipi Raises $1.5 Million
Snipi has raised $1.5 million in Series A funding from investors including Robin Hood Ventures, DreamIt Ventures, NextStage Capital, and Innovation Ventures of Wilmington, De.
The Philadelphia-based startup, founded in 2007, has previously raised at least $1.4 million. It is a social shopping service for the online retail market, helping shoppers organize, discover and share what they buy on the Internet. It also has developed an iPhone app.
Snipi founder Andre Golsorkhi previously founded and ran Omeda Design + Technology. He believes Snipi is not just a social shopping service but can go beyond.
“Snipi… (has) grown into something much bigger. Publishers now only have access to readers on their own sites. By building a tool where everything is aggregated in one location, we can offer high-level reporting information and analytics to publishers, retailers and so on,” he told Technically Philly in an interview in 2009. “Today, our only revenue stream is in price comparison.”