Santa Monica, CA (PRWEB) May 01, 2012
Social commerce company, BeachMint, announces their acquisition of DealQuad, a Santa Monica-based company that provides local business deals to communities in and around college campuses. The acquisition, completed in July, marks BeachMint’s commitment to bridging the gap between online and offline commerce through powerful, real world marketing initiatives.
Founded by serial entrepreneur Jeffrey Appelbaum, who served as DealQuad’s CEO, the company spread rapidly at college campuses across the country after its launch at Harvard University, where 40% of the campus registered in the first three weeks. DealQuad’s innovative grassroots acquisition strategies, viral on-site and email-based game mechanics, and premium relationships with local businesses and newspapers distinguished the company in a crowded, competitive landscape.
The company found success leveraging its local infrastructure as affiliate channels for several online retail brands, including BeachMint, and quickly reached profitability as a business.
DealQuad’s unique local marketing and acquisition capabilities, as well as its collegiate workforce, have been integrated into BeachMint over the past several months to help drive growth across all BeachMint brands.
“The value of local commerce is immense,” said Josh Berman, co-founder and CEO of BeachMint. “Over $30 billion is spent annually on products sold directly in the U.S., and a huge percentage of that is through local channels. With DealQuad, we’re taking an important step into local commerce and getting a first class acquisition team led by Jeff Appelbaum.”
DealQuad’s team has joined BeachMint full-time, working out of the company’s Santa Monica office.
“DealQuad is very excited to be a part of the BeachMint family,” said Appelbaum. “BeachMint is shaping a rapidly evolving online retail landscape, and we know the intersection with offline is mission critical. We look forward to a bright future.”
DealQuad is the leading group commerce site targeted at communities in and around college campuses. The company specializes in grassroots marketing and acquisition practices that led to its viral growth at campuses across the country. DealQuad was founded by serial entrepreneur Jeff Appelbaum, and received funding from several prominent angel investors, including Randy Kaplan (Co-Founder Akamai Technologies), Paige Craig (CEO BetterWorks), and celebrity interactive agency Charlie.
BeachMint is a venture-backed social commerce company for designer-curated direct to consumer sites, founded by serial tech entrepreneurs, Josh Berman (Co-Founder MySpace) and Diego Berdakin. BeachMint recently announced a $35 million funding round led by Accel Partners, with participation from Goldman Sachs, New World Ventures and Millennium Technology Value Partners, with existing investors NEA, Trinity, Scale, Anthem, Lightbank (the founders of Groupon) and NALA Investments participating as well.