Seattle, Wash. (PRWEB) February 11, 2009
FrugalMechanic.com, a shopping comparison website for auto parts, today announced that Founder's Co-op has invested in the online company. Founded in July 2008, FrugalMechanic.com has made quick progress on capturing share of the $285 billion auto part market , doubling traffic from December 2008 to January 2009 and signing key partnerships with major automotive enthusiast sites - such as CarDomain.com.
The site boasts over 5 million parts available from over 50 online retailers focused on delivering the best prices on auto parts to consumers.
Founder's Co-op, a seed-stage investment fund based in Seattle, typically invests in software and web-based companies. The investment will allow Frugal Mechanic to accelerate growth by adding new features and functionality to enhance the customer experience, as well as entering into new categories to increase selection.
"We're excited about the growth Frugal Mechanic has already experienced, and the potential to accelerate this growth even further," said Chris DeVore, general partner, Founder's Co-op. "We like investing in companies that are focused on bringing transparency to fragmented markets with smart distribution strategies. Frugal Mechanic, with its clear focus on helping consumers find the lowest price on auto parts and its publisher co-branded program, fits perfectly into our investment portfolio."
FrugalMechanic.com recently signed a partnership with CarDomain.com as part of its e-commerce solution designed to allow automotive enthusiast Web sites to launch their own auto parts comparison engines. Through this new co-branded solution, automotive enthusiast sites can supplement their sites by adding a turnkey e-commerce solution at no cost and without any development work. The CarDomain.com partnership is live now at http://autoparts.cardomain.com/
FrugalMechanic.com's co-branded program delivers a new revenue stream to websites catering to auto enthusiasts by increasing page views and allowing publishers to earn commission from participating retailers by leveraging FrugalMechanic.com's existing relationships. The solution is fully customizable to match the look and feel of participating partner sites.
About Frugal Mechanic (http://frugalmechanic.com)
Launched in 2008, FrugalMechanic.com scours the web to provide shoppers with the largest selection of auto parts on the web. FrugalMechanic.com regularly collects and compares pricing information from dozens of auto part retailers so you don't have to. The site's database of over five million part configurations makes Frugal Mechanic the best place to start your auto parts search. The management team includes veterans from Amazon.com and Microsoft. The company is headquartered in Seattle and is privately held.
About Founder's Co-Op (http://www.founderscoop.com/)
Founder's Co-op, based in Seattle, Washington, is a venture fund launched in March 2008 which focuses on seed funding to startup companies in software and web-based services. It offers financing as well as business advice and other opportunities to 2-4 person companies looking to take a great idea to a product. The initial fund size was $2 million.