Shopit Scores $2.5M Series B
ADOTAS – Peer-to-peer social commerce site Shopit has locked up a Series B round of financing totaling $2.5 million. The round, which is the first tranche of a total of $7 million of capital planned for the company, included new investors, Emerson Ventures of Toronto, Canada. Previous rounds of financing were lead by Propulsion Ventures.
Shopit will use the funding to ramp up the development of its advertising network and will continue to roll out products and partnerships that are aimed to facilitate commerce on social sites.
“In turbulent economic times, we are very pleased to have this backing from our investors, as it will enable us to continue our leadership in this exciting space,” said Matt Hill, CEO of Shopit. “This new funding will carry the company well into 2010, despite our plans to be profitable in mid 2009.”
Recently laid off? Shopit’s padding out its ad, sales and tech teams in L.A.
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