Austin, TX (PRWEB) October 17, 2007
ShangBy Inc., the pioneer of live interactive video shopping, today announced $1 million in Series A funding led by institutional investors G-51 Capital and Draper Richards.
The funds are earmarked to accelerate the company's rapid growth, enhance product development and expand marketing efforts.
ShangBy has developed a new form of consumer retail entertainment that combines live video broadcast with personal shopping. This service allows ShangBy users (known as "ShangBuyers") to communicate visually, verbally and in real time with a retailer positioned in Shanghai. The live session is aired at http://www.ShangBy.com, effectively transporting the ShangBuyer to international markets without leaving their homes. The Shangbuyer interacts with the local retailers, pays the local prices, and participates in the local customs, like negotiating final prices. No travel costs, no jet lag, great international shopping experience.
"With the growing focus centered around video within today's cultural landscape, ShangBy is set to become the essential destination for an entertaining and interactive retail video experience," said Steve Bell, CEO and co-founder of ShangBy. "We are very pleased by the support of G-51 and Draper Richards."
ShangBy also announced that Rudy Garza, General Partner of G-51 Capital, would join its board of directors. "On behalf of G-51 Capital, I would like to share our excitement, enthusiasm and confidence for the future success of ShangBy," said Garza, who has been active in the venture business since 1996. Garza has demonstrated his success in early stage business identification and development as reflected in G-51's nationally ranked return performance.
Howard Hartenbaum, General Partner of Draper Richards will also serve as an Advisor to ShangBy. As a founding investor and former member of Skype's board of directors, Hartenbaum was recognized for his acumen in identifying next generation companies, joining the Forbes Midas List of top venture capitalists. Hartenbaum focuses on investments in enterprise and consumer software and services, wireless network solutions, and peer-to-peer technology.
Founded in November 2006, ShangBy has created a new form of consumer entertainment and shopping where people come to shop in the markets of the world - without leaving their homes. Merging live video broadcasting with personal shopping, ShangBy users (known as "ShangBuyers") are able to communicate visually, verbally and in real time with a retailer positioned in Shanghai. The ShangBuyer controls the shopping event through her personal interests and product selection. Negotiating prices is not only encouraged, but customary in China. With investment support from G-51 and Draper Richards, ShangBy is set to become the Internet's trailblazing interactive video shopping service. For more information visit http://www.ShangBy.com. To book your own shopping event, contact then.
About G-51 Capital:
G-51 Capital is a venture capital firm with over twenty-five direct investments since 1996. The fund is a "Gap Keeper" in the early stage technology field. G-51 Capital works with two constituents: entrepreneurs and institutional venture funds bridging financial and performance gaps for early stage software, hardware and business services companies. G-51 Capital portfolio companies have raised in excess of $150 million and recent portfolio merger and acquisitions from 2002 include Digital Motorworks by ADP and Psionic Systems by Cisco Systems. For more information, please visit http://www.g51.com.
About Draper Richards:
Draper Richards L.P. is a leading venture capital firm investing in seed and early-stage technology companies. Since 1996, the firm has funded entrepreneurs with the energy, vision, experience, and desire to build great companies. Draper Richards' experienced management team, headed by veteran venture capitalist William H. Draper, III, is dedicated to helping entrepreneurs achieve their maximum potential through contacts, advice, and support. Draper Richards L.P. is located in San Francisco, California. For more information on Draper Richards L.P., visit http://www.draperrichards.com.