MONTEREY, CA - 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 round of financing led by Oak Investment Partners. SHOP•COM will utilize 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 organization 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 is a growth-oriented private equity firm with a total of $5.8 billion in committed capital. Technology M&A Practice managed the financing for SHOP•COM.
"Oak's funding is a testament to the vitality of our business model and the outstanding creativity of the SHOP•COM team," said Lee Lorenzen, CEO of SHOP•COM . "These resources will allow us to provide an even more remarkable shopping experience for our consumers as we pursue our passion to deliver the most satisfying remote shopping experience in the world. We believe SHOP•COM's business model represents the future of e-commerce, and we are establishing that future by simultaneously delighting shoppers while delivering true incremental value to merchants."
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in internet/enterprise software and services, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services, and retail. Over a 30-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 400 companies at key points in their lifecycle. Oak has been involved in the formation of companies, funded spinouts of operating divisions and technology assets, and provided growth equity to mid- and late-stage private businesses, and to public companies through PIPE investments. A representative list of Oak portfolio companies includes Aquantive, Compaq, Fastclick, Inktomi, InterNAP, Netblue, Office Depot, Parametric, Polycom, Seagate, Sybase, Synopsys, Tele Atlas, Tensilica, and Wireless Facilities. For more information, please visit www.oakvc.com
About Technology M&A Practice
Technology M&A Practice was created by successful technology executives to assist their portfolio clients with unprecedented support in all areas of Mergers & Acquisitions. All of the Managing Directors have had significant hands-on experience in building successful companies organically and by way of acquisition. They have been responsible for over $1 Billion worth of transactions in M&A, capital raises and fundings.
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. For more information, visit the company's Web site at www.SHOP•COM
Carmen Hughes | Ignite P.R. | 650.592.1768 | [email protected]