Shopit snags $2.5M for shopping widge
Shopit, provider of a widget-based shopping service that allows users to sell and buy items through social networking sites, brought in $2.5 million of what it hopes will be a $7 million second round of funding. Contributions came from Emerson Ventures and Propulsion Ventures.
The Los Angeles company, which integrates with Facebook, MySpace, Craigslist and Amazon, will use the money to expand its network of advertisers and hire more employees. Earlier this month, it joined the Ning platform and launched on the Hi5 network. Vendors can use Shopit to build stores on their online profiles and attract buyers with similar interests.
It brings in revenue from a premium service it offers to larger vendors, and by placing ads for some sellers on other websites, VentureWire reports.
Next Story: Yahoo Application Platform coming next week — is it enough to save Yahoo?
Previous Story: Digital Performance ropes in $3.2M for online auto market
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.