15 Nov Drop ’til you Shop closes $1.25m to revolutionize social commerce
The company behind Drop ’til you Shop™ (Peeractive Inc.) has recently closed an investment round after having graduated from DreamIt Ventures, one of the top startup accelerator programs in the world according to Forbes. To support their newly established business operations in the US, the team has been recruiting top-tier eCommerce executives in preparation for the Drop ’til you Shop™ public launch this holiday season.
We have been deploying and integrating our technology with key partners over the last few months, and are now ready to launch Drop ’til you Shop™ to the public,” said Nick Rosenthal, CEO. “We’ve partnered with leading retailers in the jewelry, gourmet foods, and electronics industries to provide shoppers with incredible deals in a fun and social shopping environment.”
Drop ’til you Shop™ is an online shopping platform that delivers rapid-fire discounts to consumers while optimizing margins for retailers. Shoppers compete against each other for limited time offered products, while prices are constantly in-flux using a patent-pending dynamic pricing algorithm.
“Drop ’til you Shop™ bridges the gap between first discount and final clearance for retailers,” says Mike Theilmann, current investor and former JCPenney executive. “What used to take 3-6 months with stair-step discounting can now happen in just 1 week.”
Originally based in Sydney, Australia, Peeractive Inc. recently relocated to New York’s Silicon Alley to bring their Drop ’til you Shop™ product to North America. The investment was led by Robin Hood Ventures, and included DreamIt Ventures and a private equity fund. Terms of the deal were not disclosed.
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SOURCE Peeractive Inc.