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NearbyNow, HubSpot Reel in CASH Money

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May 19, 2008 

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Kathleen  |

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NearbyNow, HubSpot Reel in CASH Money

ADOTAS – Two interactive firms have recently announced an influx of moola from investors.

NearbyNow, an online service that allows domestic consumers to search inventory at their local mall today announced an investment of $11.75 million in Series C funding, led by Norwest Venture Partners to grow the company’s Internet and mobile local shopping services.

NearbyNow also announced a partnership with TheFind, Inc., a shopping search engine for lifestyle goods – users will be able to reserve products at local stores for pick-up later. Users will also be able to graphically navigate a shopping center through a new mobile service through the Apple iPhone. And retailers will be able to send ads and discounts to users.

“Contrary to early predictions, people are coming to recognize that e-commerce isn’t where the Internet is having its greatest impact,” said Michael Boland, senior analyst at The Kelsey Group. “Instead, the Internet is gaining increasing influence over offline local purchase behavior, which is a much larger category. We are looking at local search more in terms of leading and tracking that behavior, from online research to offline conversion.”

HubSpot has raised $12 million in a round of Series B funding led by Matrix Partners. HubSpot is an inbound marketing system that helps mom-and-pop shops boost their profile online through search-engine optimization.

The company said it plans to use the funds to expand its sales and product staff to handle its growing customer base and lead flow.

This latest influx brings HubSpot’s total funding to about $17 million.

Tags: Apple, behavioral-targeting, finance, funding, HubSpot, interactive-advertising, iPhone, Mobile-Marketing, NearbyNow, ROI, search-engine-marketing, search-engine-optimization, SMS-marketing and TheFind-Inc.

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