ADOTAS – I’ve heard some excited chatter that social shopping, in which a social network is build around the shopping experience and brands truly interact with users, is set to become the next social networking sensations. Venture capitalists seemed to have bought into this idea, most recently dropping $4.25 million into the coffers of WeShop during a Series A round of funding.
The one-year-old startup, currently operating in private beta, provides a free social network where consumers can use their anonymous shopping data to encourage brands and retailers to offer them discounts through the WeShop Platform. In addition, advertisers can target networkers on a CPA basis through opt-in offers.
Participating investors included Jonathan Miller, the chairman and CEO of the Digital Media Group of News Corp. and also former CEO of AOL; Frank Kenny of Delta Partners; and former Abacus Direct top executives Martin White and Carlos Sala.
At the moment admission to WeShop is invitation-only. The network boasts 100,000 members and a huge line outside the velvet ropes, waiting to get in.