MySpace Co-Founder and News Corp EVP Announce Next Gen Social Commerce Company With $5MM in Funding

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Beachmint, Inc. will focus on social and curated commerce.

MySpace Co-Founder, Josh Berman and serial internet entrepreneur, Diego Berdakin, announce their next generation ecommerce company, BeachMint, Inc. The company will focus on social and curated commerce. With the recent successes of companies like Gilt, Groupon, Rue La La, and Shoedazzle, Berman states “This is the most exciting opportunity I’ve seen since 2003 when blogging, photo sharing and IM were gaining traction and led us to the creation of MySpace.”

Berman and Berdakin raised $5MM from New Enterprise Associates and Anthem Venture Partners, whose recent investments in the space include Groupon.com and Diapers.com. BeachMint will partner with trusted celebrities and influencers to launch its platform across multiple consumer product verticals.

Online retail spending has surged in recent years. While currently accounting for only 6% of all retail spending (according to Morgan Stanley Internet Retail Report), it approached $34 billion in the first quarter of 2010 (Comscore May Report), and has signs of exponential growth ahead. Pete Sonsini led the investment on behalf of NEA, stating “BeachMint is well positioned to capitalize on market trends and lead the way for tomorrow’s disruptive commerce technologies. Given Josh and Diego’s backgrounds, we are very excited for this venture.”

Headquartered in Santa Monica, BeachMint has begun development of their first platform, which they expect to launch prior to the holiday season.

About NEA:
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. Since the firm's founding in 1978, NEA's experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 265 have been acquired. In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit http://www.nea.com.

About Anthem Venture Partners:
Anthem Venture Partners is a Santa Monica based venture fund that invests in early-stage technology companies. Anthem is usually the first institutional investor in new ventures, and the firm’s partners are dedicated to working hand-in-hand with entrepreneurs to make good things happen. The firm is distinguished by its tenacity, by the accessibility of its partners, and by a work ethic that matches that of its best entrepreneurs. Anthem has a long track record of being the first to back great companies like Android, Audyssey Labs, Blurb, BuzzMedia, Demand Media, NevenVision, Planet ATE, Siperian, TrueCar, VuVox, Wavestream, Zag, and others.

For press inquires please contact:
Jeffrey Appelbaum
jeffrey (at) buzzpoint (dot) com
(323) 446-4551

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